Activity in euro area industry is increasing faster this month than the month before. Markit announced this on the basis of preliminary figures. In the services sector, activity is declining further.
The Markit Purchasing Manager Index, which measures industrial activity, was 54.4 in October, compared with 53.7 in September. Economists, on average, had expected a slower rate of growth and predicted a score of 53. A position of 50 or more indicates growth, below it indicates shrinkage.
Activity in the services sector, hard hit by the coronacrisis and new measures to combat virus outbreaks, continued to decline. The gauge for that sector was 46.2 against 48 last month.
The same picture can be seen in Germany. The index for industry rose to 58, from 56.4 last month. The services sector, which grew at a level of 50.6 last month, has now fallen by 48.9%. In France, the Purchasing Manager Index for the industry was 51, slightly lower than last month. For the services, it fell to 46.5.
In the United Kingdom, activity in both industry and services is still increasing, but less so than a month earlier. The Purchasing Manager Index for the industry was 53.3 of 54.1 last month. The indicator was 52.3 in the services sector. There was the stand in September 56.1.