In contrast to the U.S' slowing growth, the European manufacturing sector accelerated more than previously estimated in July. The figures indicate an export-led recovery maintained its momentum.
Markit Economics says the euro-zone manufacturing purchasing managers index for July rose to 56.7, up 1.1 points from June. The figure is a three-month high and above a previous forecast. But the growth is driven largely by a surge in German production, a very uneven recovery.
European manufacturers have supported the region's recovery by stepping up output to meet global export demand.