Eurozone's manufacturing sector saw a smaller contraction in January compared to the previous month, with the manufacturing PMI improving for a third consecutive month to a 5-month high of 48.8 points.
According to a final report published by S&P Global on Wednesday, the manufacturing output index rose to a 7-month high of 48.9 points. Only French, Italian and Irish manufacturing sectors saw expansion per the latest data, while on the other hand, Germany's reading came at the bottom of the table.
"The picture is considerably brighter than the lows seen back in last October heading into the winter. Not only has the rate of output decline moderated now for three consecutive months, but business optimism about the year ahead has also surged higher over the past three months," S&P Global's economist Chris Williamson noted.
