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5/21/2020, 10:00 AM (Source: TeleTrader)
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Eurozone economic downturn easing in May

Business activity in the Eurozone eased decline in May as the PMI Composite Output Index surpassed the estimates to reach 30.5 in May, IHS Markit stated on Thursday in its preliminary report. In the same month, Flash Eurozone Services PMI Activity Index rose to 28.7. Both indexes grew to 3-month highs.

At the same time, the Manufacturing PMI Output Index climbed to 35.4, while Manufacturing PMI advanced slightly to 39.5. Both indexes increased to 2-month highs.

Commenting on the data, IHS Markit Chief Business Economist Chris Williamson estimated that the "second-quarter GDP is still likely to fall at an unprecedented rate, down by around 10% compared to the first quarter, but the rise in the PMI adds to expectations the downturn should continue to moderate as lockdown restrictions are further lifted heading into the summer."

Breaking the News / ND