The Eurozone has just achieved its highest
manufacturing PMI in 6 years: 53.4. The
countries above 50 (expansion) include Germany, France, Italy, Spain, the
Netherlands, Ireland, Austria and Greece.
Unemployment remains high at 11.8%, but below last year’s record of 12%.
ECB forecast of 1.2% GDP growth for 2014 looks
very achievable. It is notable that
Greece, Italy, Spain and Ireland are all experiencing manufacturing expansion. Are the fruits of austerity finally turning
sweet?
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