Economics
European Manufacturing Gauges Climb as Outlook Improves
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Euro-area manufacturing output contracted less than initially estimated in May and a U.K. factory index surged, underscoring Mario Draghi’s view that the European economy is stabilizing.
A gauge of manufacturing in the 17-nation euro area increased to 48.3 last month from 46.7 in April, London-based Markit Economics said today. That’s above an initial estimate of 47.8 on May 23. The gauge has been below 50, indicating contraction, since July 2011. In the U.K., a separate report by Markit and the Chartered Institute of Purchasing and Supply showed a factory index climbed to a 14-month high of 51.3 from a revised 50.2 in April.