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Eurozone Manufacturing PMI Disappoints Again

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Eurozone Manufacturing PMI Disappoints Again

In a series of staggered releases this morning Markit Economics have been actively publishing updates to the Manufacturing Purchasing Managers Indices (PMI) across the Eurozone. The headline overall Eurozone 18 figure for May has come in at 52.2, this represents as slight fall back on the April reading of 52.5, markets had anticipated no change to the April reading.

Across the individual Eurozone member states that had PMI data published this morning all have shown slippage on the previous month. The sole exception is Spain, at a reading of 52.9 the Spanish PMI number has again managed an increase on the prior month, April’s reading was 52.7 and the consensus estimate was achieved with the 0.2 point pick up this month.

The largest fall on the month surprisingly came out of Germany. The Manufacturing PMI number from the Eurozones largest, and undoubtedly healthiest, economy suffered a fall of 1.8 points on the month. Today’s reading of 52.3 caused some concern in markets that had been anticipating a figure more like 52.9, this follows on from the April release of 54.1 in Germany.

The French figure has once again fallen back into the contractionary sub 50 territory. The May reading of 49.6 was ahead of the market’s expectation of 49.3 but well below the April figure of 51.2. French Manufacturing had last month managed to climb above the key 50 level but is now once again the only major Eurozone economy to not make this grade.

The highest reading today came out of Italy, although missing both the expected reading of 53.7 and the April reading of 54.0 the Italian PMI Manufacturing number for May still tops it’s Eurozone peers at 53.2.

Finally, the figure out of Greece also fell slightly on the month. May’s reading of 51.0 represents a marginal fall back from the 51.1 experienced in April.

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