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Investing.com -- Eurozone manufacturing activity demonstrated signs of recovery in June, with new orders halting their decline for the first time in over three years, according to data published on Tuesday.
The HCOB Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, increased slightly to 49.5 in June from 49.4 in May.
This marks the highest level since August 2022, though it still remains below the crucial 50 threshold that separates growth from contraction.
The index has now stayed below this 50 mark for 29 consecutive months, indicating a prolonged period of contraction in the manufacturing sector.
However, the stabilization in new orders suggests a tentative improvement in the bloc’s factory sector.
The final June reading of 49.5 came in slightly higher than the preliminary estimate of 49.4 that had been previously reported.
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