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Bloomberg
The euro area’s two largest economies saw private-sector growth return, snapping months of contractions as easing supply shocks and an unusually mild winter provide respite.
S&P Global’s flash Purchasing Managers’ Index for Germany rose to 51.1 in February — much better than the 50.3 median estimate in a Bloomberg survey and the first time since June that the gauge was above the 50 threshold that signifies an expansion.
The French measure clocked in at a seven-month high of 51.6 — defying economist expectations for a fourth straight contraction.
A year after Russia attacked Ukraine, much of Europe has weathered the worst of the fallout and the 20-member euro zone looks increasingly likely to avoid a recession. Consumer confidence is at a one-year high and inflation — though still uncomfortably high — has moderated in recent months.
Tuesday’s data show Germany’s economic rebound was broad based, though “with manufacturing new orders still in contraction territory, goods producers remain only cautiously optimistic about the year-ahead outlook,†S&P said.