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Financial News: Eurozone Private Sector Expands At Slower Pace

Eurozone Private Sector Expands At Slower Pace

05/23/2018 - 04:19:00 (RTTNews)

(RTTNews) - Eurozone private sector grew at the slowest pace in one-and-a-half years in May, flash survey data from IHS Markit showed Wednesday.

The composite output index dropped to an 18-month low of 54.1 in May from 55.1 in April. The score was forecast to remain unchanged at 55.1.

"Despite the headline PMI dropping to an 18-month low, the survey remains at a level consistent with the eurozone economy growing at a reasonably solid rate of just over 0.4 percent in the second quarter," Chris Williamson, chief business economist at IHS Markit, said.

Growth deteriorated in both manufacturing and services, down to 18- and 16-month lows, respectively.

The services Purchasing Managers' Index came in at 53.9, while the score was expected to remain at 54.7.

The manufacturing PMI slid more-than-expected to 55.5 from 56.2 in April. Economists had forecast the index to drop to 56.1.

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