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Eurozone composite PMI misses estimates in May: Markit

by ChemOrbis Editorial Team -
  • 21/05/2015 (15:04)
Manufacturing and service output in the eurozone fell below economists’ estimates in May, according to a preliminary composite purchasing managers’ index (PMI) compiled by Markit Economics. The composite PMI declined to a reading of 53.4 in May following a reading of 53.9 in April. Economists’ initial estimates called for a steady reading of 53.9 in a survey conducted by Bloomberg. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

For the region’s main economies, Germany’s composite PMI fell to a reading of 52.8 in May from a reading of 54.1 in the previous month. The country’s manufacturing PMI fell to a reading of 51.4 from 52.1 in April, posting the weakest figure in three months while the PMI for the German service sector decreased to 52.9 from 54 in the previous month.

However, according to Markit, France’s composite PMI rose to a reading of 51 in May from a reading of 50.6 in the preceding month, as was expected by Bloomberg economists.
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