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Eurozone composite PMI falls to 16 month-low in May: Markit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/05/2016 (17:11)
According to a flash purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone fell to a reading of 52.9 in May from April’s reading of 53.0, missing estimates calling for a rise to 53.2. Any reading below 50 indicates a contraction while any reading above 50 represents an expansion.

The lower index figure was attributed to stagnation in the eurozone economy. According to Markit, the region’s flash services PMI index remained unchanged at 53.1 from April while the PMI for manufacturing activities in the eurozone decreased to 51.5 on a seasonally adjusted basis from a final reading of 51.7 in April. Analysts had expected these indices to rise to 53.3 and 51.9 in May, respectively.

The Eurozone economy is expected to grow by just 0.3% in the second quarter.
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