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Financial News: Eurozone Manufacturing PMI Remains In Negative Territory

Eurozone Manufacturing PMI Remains In Negative Territory

06/03/2019 - 04:44:00 (RTTNews)

(RTTNews) - Eurozone manufacturing activity remained entrenched inside contraction territory in May, final survey data from IHS Markit showed Monday.

The factory Purchasing Managers' Index came in at 47.7 in May, in line with flash estimate, but down from 47.9 in the previous month.

A score below 50 indicates contraction. The sector has shrunk over the last four successive months.

The PMI suggested that the sector will act as a drag on the wider economy in the second quarter, Chris Williamson, chief business economist at IHS Markit said.

".trade wars, slumping demand in the auto sector, Brexit and wider geopolitical uncertainty all remained commonly cited risks to the outlook, and all have the potential to derail any stabilisation of the manufacturing sector," Williamson added.

By nation, Germany continued to endure the sharpest deterioration in manufacturing conditions. Only marginal growth was seen in France and Spain.

Germany's IHS Markit/BME factory PMI slid to 44.3 in May from 44.4 a month ago. This was one of the lowest readings since mid-2012. The score matched the flash estimate.

In Germany, rates of decline in output and new orders eased, but employment fell the most in almost six-and-a-half years.

France's final factory PMI rose to 50.6, as initially estimated in May, from 50.0 in April. Slower falls in both production and sales, as well as a rise in employment, saw the headline PMI reach its highest level in three months.

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