Further tentative signs of recovery in the euro area manufacturing sector were evidenced by the latest HCOB PMI® survey, with forward-looking indicators such as new orders and purchasing activity signalling their softest falls in close to a year in February. Production levels decreased midway through the first quarter, although the rate of contraction held steady. Further encouragement can be taken from eurozone manufacturers’ growth expectations, which were on a par with January’s ninemonth high. Meanwhile, supplier delivery times shortened in February after a slight lengthening in the previous survey period. ... (full story)