Euro zone manufacturing rises unevenly

Factories in the euro zone boosted their output in October at a faster pace than previously estimated.

The revised Markit Manufacturing Purchasing Managers Index came in much better than economists had forecast.

The survey of around 2,000 businesses showed Germany once again leading the upturn, with Spain and Ireland both recovering while Greece continued to struggle.

The survey showed factories across the 16 countries using the single European currency hired staff at the quickest rate since March 2008 last month.

France’s factory upswing moderated as output slowed to a 14-month low.

Greek manufacturing stayed firmly in the grip of recession, with the pace of contraction accelerating as output, jobs and new orders fell.

There was little reaction to the numbers from Europe’s financial markets.

Economists expect the uneven economic recovery will force the European Central Bank to keep interest rates on hold at their record low of one percent until late next year.

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