Manufacturing growth in the Eurozone slowed last month as factories struggled with supply shortages, high prices, and a decline in demand.
- The S&P Global’s final manufacturing Purchasing Managers Index (PMI) declined to 54.6 in May from April’s 55.5, its lowest level since November 2020.
- An index measuring output, which is seen as a good measure of economic health, increased to 51.3 from 50.7.
- Chris Williamson, a chief business economist at S&P Global, stated that euro area manufacturers continue to struggle against the challenges of supply shortages, heightened inflationary pressures, and deteriorating demand.
- The flash services PMI edged down to 56.3 in May from 57.7, signaling growth also slowed in that industry.
As economies have reopened after the COVID-19 pandemic, citizens are going on vacations and taking part in reactional activities again.
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Source: S&P Global