At 48.8, still a contraction, but Germany had an expansion with a PMI at 51.

Manufacturing is picking up. A euro near 1.26-1.30 (against the dollar) can facilitate growth for Germany. But the Euro needs to be lower for the other players to see expansion.

One data point does not make a trend, but with the decline of the Euro we may see the PMI stabilize and trend upward from here.