“European manufacturing growth accelerated more than estimated in April, driven by higher output in Germany and France, suggesting the region’s economy is weathering surging energy costs.
A gauge of manufacturing in the 17-nation euro area rose to 58 from 57.5 in March, London-based Markit Economics said in an e-mailed report today. That’s above an initial estimate of 57.7 on April 19. A reading above 50 indicates growth.
European manufacturers, led by German companies such as Volkswagen AG, are boosting production and hiring more workers to meet increased export orders. With euro-area capacity utilization at the highest since 2008, oil prices up 23 percent this year and companies trying to pass on higher input costs, the risk is growing that inflation may accelerate and slow the recovery.”
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