Eurozone factory orders up for fourth month in October

Eurozone factory orders rose for a fourth consecutive month in October, leaving factories unable to keep up with demand, according to a survey.

Manufacturers in the 17-country eurozone saw their backlogs rise higher as stocks of finished goods continued to fall.

The Markit Manufacturing Purchasing Managers' Index (PMI) stood at 51.3 in October, up from 51.1 in September.

Any reading of above 50 suggests expansion.

Markit said that only France and Greece, out of the 17 countries that use the euro, failed to enjoy improved conditions.

The organisation's chief economist, Chris Williamson, however, said that the pace of growth was "modest overall".

"While the recovery goes on, it is by all accounts frustratingly slow. In particular, the modest gains in output and new orders remain insufficient to encourage firms to take on more staff," he added.

Demand for manufactured goods increased last month, but at a slower pace than in September, while factories made little change to prices, the survey showed.

"Output charges rose for the second successive month, but the rate of inflation remained marginal as competition remained strong and market demand lacklustre," Markit said.