Eurozone manufacturing activity deteriorated at the strongest pace in nearly three years in May, detailed results of a survey conducted by Markit Economics showed Friday.
The seasonally adjusted purchasing managers' index, a performance indicator for the manufacturing sector, fell to 45.1 in May from 45.9 in April. This was marginally above the flash estimate of 45.
The latest reading was the weakest since mid-2009. The PMI has signaled contraction in each of the past ten months.
Manufacturing production dropped at the steepest rate since June 2009 and similar marked reduction was observed in new order inflows.
Among the euro members, Ireland was the only nation to signal an expansion in manufacturing activity in May. The Austrian PMI slipped closer to stagnation.
Manufacturing activity in Germany, France and Spain fell to their lowest levels since mid-2009. The downturn in the Netherlands accelerated to its fastest in five months. Rates of contraction eased slightly in Italy and Greece, but remained steeper than the euro area average.
by RTT Staff Writer
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