Eurozone May Composite PMI Preliminary at 30.5... Exceeds Expectations
[Asia Economy Reporter Choi Saeng-hye] The preliminary composite Purchasing Managers' Index (PMI) for the Eurozone (19 countries using the euro) in May exceeded expectations.
According to financial information provider IHS Markit on the 21st, the preliminary composite PMI for the Eurozone in May was recorded at 30.5. This surpassed the market forecast of 24.0 compiled by The Wall Street Journal (WSJ).
In April, the Eurozone composite PMI recorded an all-time low of 13.6. The preliminary manufacturing PMI for the Eurozone in May was 39.5, exceeding both the market forecast of 28.0 and April's figure of 33.4. The preliminary services PMI for the Eurozone in May was 28.7, which also surpassed the market forecast of 24.4, compared to April's figure of 12.0.
Chris Williams, Chief Economist at IHS Markit, explained, "Although business activity in the Eurozone further deteriorated in May, this data provides reassurance that the economic slowdown likely bottomed out at least in April."
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Man in His 40s Who Kept Girlfriend's Body for a Year After Murder Sentenced to 30 Years in Prison Again on Appeal
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
He continued, "While the second quarter gross domestic product (GDP) is still likely to decline at an unprecedented rate, the rebound in the PMI raises expectations that the economic slowdown should continue to moderate due to further easing of lockdown measures."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
