Euro Zone Factory Downturn Deepened In May: PMI

www.oann.com | 2/19/2014 | Staff
urbanagirl3 (Posted by) Level 3
LONDON, (Reuters) – Manufacturing activity in the euro zone contracted for a fourth month in May, and at a faster pace, as the U.S.-China trade war, slumping automotive demand, Brexit and wider geopolitical uncertainty took their toll, a survey showed.

IHS Markit’s May final manufacturing Purchasing Managers’ Index was 47.7, matching an earlier flash reading but below April’s 47.9 and only just above March’s six-year low.

Index - Measuring - Output - Change - PMI

An index measuring output change, which feeds into a composite PMI due on Wednesday that is seen as a good gauge of economic health, also held below the 50-mark separating growth from contraction, coming in at 48.9. It was 48.0 in April.

“Euro area manufacturing remained in contraction during May, suggesting the sector will act as a drag on the wider economy in the second quarter,” said Chris Williamson, chief business economist at IHS Markit.

Drop - Output - Decline - Orders - Sector

“A fourth successive monthly drop in output and further steep decline in new orders underscored how the sector remains in its toughest spell since 2013.”

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