- The euro area manufacturing PMI came to 39.5 in May against 38.0 expected.
- The block services PMI stood at 28.7 in May against 25.0 expected.
the Eurozone The manufacturing sector has been trying to recover from the biggest deterioration ever recorded this month, the latest survey on manufacturing activity by IHS / Markit research revealed on Thursday.
The euro area Manufacturing Purchasing Managers’ Index (PMI) returned from a historic low of 33.4 in April to 39.5 in May and exceeded 38.0 expectations while the services PMI jumped d ” a record low of 12.0 declared in April to 28.7 in May compared to 25.0 expected.
The PMI IHS Markit Eurozone index reached 30.5 in May against 24.0 expected and 13.6 last (record).
Comments from Chris Williamson, Chief Economist at IHS Markit
“The eurozone experienced a further collapse in business activity in May, but the survey data at least provided reassuring signs that the recession had probably bottomed out in April.”
“Second-quarter GDP is expected to decline further at an unprecedented rate, down about 10% from the first quarter, but the rise in PMI adds to expectations that the slowdown should continue to moderate as lock-in restrictions are still up before summer. “
The split currency pays little attention to optimistic readings from the eurozone PMI as the EUR / USD maintains its range near 1.0970.