(S&P Global) Eurozone’s Composite Output Index was recorded at 54.9 in May, down from 55.8 in April. The index marked a two-month low, but took growth to a fifteenth straight month and above its long-run average.
The service sector was the main driver of growth, despite the PMI activity index slowing to 56.3 in May, compared to a reading of 57.7 in April.
Manufacturing output rose slightly, with the index hitting a two-month high of 51.2 from 50.7 in April. Manufacturing expansion showed slowdowns, with the PMI hitting an 18-month low of 54.4 from the previous 55.5.
Cost pressures persisted, with the prices charged rising at the second-fastest rate on record. Input cost inflation cooled slightly from April.
Business optimism over the next 12 months weakened slightly and was at the second-lowest for more than a year-and-half. Within the manufacturing sector, confidence weakened to its worst since the first wave of the coronavirus, but optimism was resilient in services.
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