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(Sharecast News) - The eurozone's long-suffering manufacturing sector inched closer to recovery as the pace of contraction slowed in July, according to a survey published on Friday.
The HCOB eurozone manufacturing purchasing managers' Index confirmed a flash reading, rising to 49.8 from 49.5 in June, its highest level since July 2021.
A mark of 50 separates growth from contraction.
"Manufacturing in the euro zone is cautiously regaining momentum. With the newly agreed trade framework between the EU and the US, uncertainty should decline, and the signs point to a continued upward trend in the coming months," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
"The eurozone as a whole saw factory production levels rise in July, marking five successive monthly expansions."
"The increase slowed slightly from June, however, and was the softest since March. Weighing on output was a fresh decline in new business. The deterioration in demand was small, but nevertheless the quickest in four months."
Export sales were a drag on total order volumes, latest survey data revealed, with new work received from international clients falling after stabilising in the previous month.
The US reached a framework trade deal with the European Union on Sunday, imposing a 15% import tariff on most EU goods.
Reporting by Frank Prenesti for Sharecast.com
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