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Eurozone Output Shrinks
Activity in the eurozone's services and manufacturing sectors contracted from April to May, the fourth consecutive month-over-month decline, according to London-based Markit Economics.
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Activity in the eurozone's services and manufacturing sectors contracted from April to May, the fourth consecutive month-over-month decline, according to London-based Markit Economics.
Markit's index, which is based on surveys of purchasing managers, slipped to a three-year low of 46 last month from 46.7 in April. Any reading below 50 indicates contraction. Markit's index of manufacturing activity dropped to 45.1, the lowest reading since June 2009, from 45.9 in April.
The research firm says the surveys signal that the eurozone economy may shrink 0.5% in the current quarter.
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