Eurozone economic activity fell to a near three-year low in May, marking the fastest rate of contraction since June 2009, flash data from Markit Economics revealed Thursday.
The composite output index dropped more than expected to 45.9 from 46.7 in April. The expected reading was 46.6. Output has fallen eight times in the past nine months.
"The survey is broadly consistent with gross domestic product falling by at least 0.5% across the region in the second quarter, as an increasingly steep downturn in the periphery infects both France and Germany," Chris Williamson, chief economist at Markit said.
The Purchasing Managers' Index for manufacturing came in at 45, the lowest reading in 35 months. It was down from 45.9 in April and below the consensus forecast of 46.
The services PMI dipped marginally to 46.5 from 46.9 a month ago. The consensus forecast called for a reading of 46.7.
by RTT Staff Writer
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