Eurozone manufacturing PMI improves in May
The index showed that a new orders sub-index rose to 13-month high of 52.7 from a reading of 51.8 in April while the output index declined to a reading of 53.3 from 53.4 in the previous month.
Among the region’s main economies, Germany’s manufacturing PMI posted its weakest reading in three months in May at 51.1, down from a reading of 52.1 in the previous month due to a lower number of new exports. Germany’s May reading was also below the preliminary reading of 51.4. France’s manufacturing PMI climbed to a reading of 49.4 from a reading of 48 in April, which was above the flash estimate of 49.3 and the highest level in a year. The country’s new export orders rose to 50.5 in May from a reading of 47.6 in April.
Manufacturing in Italy, meanwhile, hit its highest since 2011 in May, rising to a reading of 54.8 from 53.8 in April while Spain’s PMI rose to a reading of 55.8 from 54.2. In Spain, output and new orders rose at the fastest pace since 2007 as new export business recorded its highest level in 15 years.
In addition, Markit Economics also said that manufacturing in the UK gained ground in May. The country’s manufacturing PMI increased to a reading of 52 in May after posting a seven-month low of 51.8 in the previous month.
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