Eurozone manufacturing picks up in June, best outlook since March 2012

A succession of beats for Eurozone manufacturing countries has seen the Eurozone purchasing manager's index (PMI) compiled by Markit rise from 48.3 to 48.8 in June (a 16-month high). Economists had anticipated a rise to 48.7.

This figure indicates that Eurozone manufacturing is still contracting as a whole. Any number below 50 implies contracting, while a number above would imply expansion in the sector.

France and Spain saw particularly strong jumps, with Spain's 50.0 implying that the sector had stopped contracting (after shrinking for 25 consecutive months). France's reading means it's suffered 16 straight months of contraction.

Germany fared much worse, falling beyond forecasts to 48. (from 49.4 last month) with employment declining at its strongest pace since January.

Spain: 50.0 (48.1 previous, 48.5 expected)
Italy: 49.1 (47.3 previous, 47.8 expected)
France: 48.4 (46.4 previous, 48.3 expected)
Germany: 48.6 (49.4 previous, 48.7 expected)