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Eurozone Manufacturing Recovery Continues In May

Eurozone manufacturing sector continued to expand in May but the latest pace of expansion was slightly weaker than the initial estimate, final data from Markit Economics showed Monday.

The final manufacturing Purchasing Managers' Index came in at 52.2, matching March's ten-month high but just below the flash estimate of 52.3. In April, the score was 52.

"The survey data point to a quarterly rate of industrial growth of approximately 0.5 percent," Chris Williamson, chief economist at Markit said. This should help drive GDP higher in the second quarter, perhaps matching the 0.4 percent rise seen in the first three months of the year.

Spain, the Netherlands and Italy are strongest performers and downturn in France continued in May.

Germany Markit/BME manufacturing PMI fell more-than-estimated to 51.1 from 52.1 in April. The flash score was 51.4.

Meanwhile, the French final manufacturing PMI rose to 49.4 from 48 in April. It was marginally above the flash score of 49.3. The latest reading was the highest for a year and was only slightly below the neutral 50 mark.

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