EUROZONE MANUFACTURING RETURNS TO GROWTH

As we've been saying, the European recession is coming to an end.

The data is far from stellar, but it's clear that a corner has been turned in the numbers.

Yesterday for example, we saw that the European unemployment rate fell for the first time in years.

Today: More confirmation.

For the first time in 2 years, the Eurozone manufacturing sector is expanding, according to Markit, which conducts the PMI survey for countries around the world.

Here's the chart that tells the big-picture story.

And here are some breakdowns by country.