- Euro zone manufacturing PMI stands at 54.4 in May, vs. 54.9 expected.
- The bloc’s services PMI falls to 56.3 in May against an estimate of 57.5.
- EUR/USD moves away from highs after Eurozone data.
The expansion of the Eurozone manufacturing sector fell short of expectations in May, the latest survey of manufacturing activity from S&P Global research showed on Tuesday.
The Purchasing Managers’ Index (PMI) for the Eurozone manufacturing sector stood at 54.4 in May, compared to expectations of 54.9 and 55.5 in the last edition. The index hit a two-month high.
The Services PMI bloc fell sharply to 56.3 in May, vs. 57.5 expected and 57.7 previously. The indicator hit a two-month low.
The euro zone composite PMI index fell to 54.9 in May, from 55.3 estimated and 55.8 previously. The indicator reached the lowest level in two months.
Comments from Chris Williamson, chief economist at S&P Global
“The eurozone economy maintained encouraging growth in May, as a struggling manufacturing sector was offset by a buoyant services sector.”
“Although factories continue to report widespread supply constraints and declining demand for goods amid elevated price pressures, the economy is being buoyed by pent-up demand for services as they shrink. restrictions related to the pandemic. In May there was a further increase in spending on tourism and leisure in particular“.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
