Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) posted a three-month low of 51.5 in May this year, down from April’s 51.7 points and unchanged from the earlier flash estimate.
May PMI data signaled a further growth slowdown in the eurozone manufacturing sector, as inflows of new business from both domestic and export markets continued to rise at lacklustre rates.
The pace of increase in new business eased to a 15-month-low. According to Markit, conditions remained highly competitive in both domestic and export markets. New export business rose at the weakest pace since January 2015.
“The disappointing performance of manufacturing adds to suspicions that the pace of euro zone economic growth in the second quarter has cooled after a surprisingly brisk start to the year based on the latest estimate of GDP,” stated Chris Williamson, chief economist at Markit.