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Eurozone Manufacturing Shrinks Less Than Expected
Factory activity in the eurozone contracted less in May than an earlier flash estimate had indicated, according to London-based Markit Economics.
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Factory activity in the eurozone contracted less in May than an earlier flash estimate had indicated, according to London-based Markit Economics.
Markit says its Purchasing Managers Index for the 17-country area rose to 48.3 last month from 46.7 in April. The gauge has been below 50, which indicates contraction, since July 2011.
PMI rose to a three-month high of 49.4 in Germany, a 13-month high of 46.4 in France, a four-month high of 47.3 in Italy and a two-year high of 48.1 in Spain.
Economists say the improved PMI readings bolster expectations that the eurozone's economy will end its 18-month recession in the current quarter. That forecast is mirrored by European automakers, which report that the region's car market is stabilizing, though at very low levels.
Separately, Markit reports that the U.K. factory activity index climbed to 51.3 in May from a revised 50.2 the month before. The preliminary April estimate was 49.8.
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