Poland's July Manufacturing PMI 46.5, Above Consensus

WARSAW -- Business confidence in Poland's industrial sector was much better than expected in July, as the severity of the downturn slowed and new orders, jobs and purchases declined at slower rates.

A survey of 300 industrial companies prepared by Markit Economics, released Monday, showed that Polish manufacturing PMI rose sharply to 46.5 in July, from 43.0 in June.

That is well above the 43.8 average forecast in a Dow Jones survey of 10 bank economists.

The PMI reading was the highest since June 2008, suggesting that the manufacturing sector is regaining ground.

A figure above 50 indicates an expansion, while one below that level signals a contraction.