Manufacturing activity in the Eurozone slowed further in May, with new orders falling for the first time since June 2020, according to data released today by S&P Global.
In particular, S&P Global’s PMI manufacturing index fell to an 18-month low in May to 54.6 from 55.5 in April.
The Netherlands recorded the fastest growth of the industry with the relevant index reaching 57.8 points, although the expansion of the industry slowed down to a low of 18 months. Austria and Ireland follow with PMI at 56.6 and 56.4 points respectively and Germany at 54.8 points.
“Eurozone manufacturing companies continued to struggle with supply-side difficulties due to rising inflationary pressures and weakening demand amid heightened uncertainty about the economic outlook,” said Chris Williamson, chief economist at S&P Global Market. “However, the deteriorating health of the manufacturing sector has become more pronounced than the shift in demand for services, as consumers increase their spending on activities such as tourism and leisure,” he added.
Source: Capital
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