Euro-Area Manufacturing Grows More Than Initially Estimated

Euro-area manufacturing expanded at a faster pace than initially estimated in July as the industry resumed growth after two years of contraction amid increasing signs the economy is pulling out of a record-long recession.

A manufacturing index based on a survey of purchasing managers in the industry increased to 50.3 last month, topping the 50 mark for the first time since July 2011, London-based Markit Economics said today. A reading above 50 indicates growth. The July reading was up from 48.8 in June and above an earlier estimate of 50.1 on July 24.