LONDON (ICIS)–Business momentum in the eurozone hit the highest level in 12 months in May, pushing further into growth territory as service sector orders surged and the manufacturing industry showed signs of recovery.
The eurozone composite purchasing managers’ index (PMI) rose to 52.2 during the month compared to 51.7 in April as stronger demand buoyed output and hiring, according to data from S&P Global.
Momentum improved for most of the eurozone’s largest economies with the exception of France, where a renewed contraction in private sector activity drove PMI growth back into negative territory at 48.9, a two-month low. A PMI score of above 50.0 signifies growth.
Growth in Germany, which has suffered a deeper and more protracted downturn than most of the core economies, continued to rally on the back of improved output to a 12-month high of 52.4.
Published by: www.icis.com
Tom Brown
05-Jun-2024
