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Eurozone composite PMI revised upwards in May: Markit

by ChemOrbis Editorial Team -
  • 03/06/2016 (15:06)
According to a final purchasing managers’ index (PMI) released by Markit Economics, a combined measure of manufacturing and service output in the eurozone was revised up to a reading of 53.1 in May from the flash estimate of 52.9 and April’s reading of 53.0. Any reading below 50 indicates a contraction while any reading above 50 represents an expansion.

The higher index figure was attributed to a modest acceleration in the service sector. According to Markit, the region’s final services PMI index rose to 53.3 from a flash estimate of 53.1. Meanwhile, retail sales in the region were unchanged for April after being revised down 0.6% in March. On a yearly basis, food sales rose 0.8% while non-food sales increased by 1.9%. Retail sales posted a gain of 1.4% on the year, which was the weakest for at least five months.

The Eurozone economy is expected to grow by just 0.3% in the second quarter, suggesting that accelerating growth at the start of the year is not likely to continue in the near term.
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