Increases to a purchasing managers' index in July spurred higher the common currency of the European Union on Monday as the metric pushed past projections, Bloomberg reports.
Markit Economics in London indicates the metric amounted to 49.8 in July, just below 50, which indicates expansion. But the July figure beats the 48.3 from the month prior as well as the forecast to check in at 49.6, which was issued on July 24.
The report "confirms a welcome return to growth for the euro-zone economy at the start of the third quarter, raising hopes that the region can finally claw its way out of its longest-running recession," senior economist Rob Dobson with Markit stated in the report, according to the news source. "Manufacturing is leading the way out of contraction, with some nations benefiting from improved export demand."
The growth in July serves as the first increase in two years for the manufacturing sector.
But gains for the monetary unit were tempered by underwhelming retail sales data from June in the 17-nation region, according to The Wall Street Journal. The data shows the regional economic recovery will be prolonged.
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