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5/21, 10:02 AM (Source: TeleTrader)
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Eurozone composite PMI rises sharply in May

Business activity in the Eurozone saw a sharp increase in May, growing at its fastest pace in 15 years, amid easing of measures imposed to curb the spread of COVID-19, a new preliminary report released by IHS Markit revealed on Friday.

The Flash Eurozone PMI [Purchasing Managers' Index] Composite Output Index came in at 56.9, up from April's 53.8 to its 39-month-high. The Services PMI Activity Index observed a monthly increase from 50.5 to 55.1, its highest level in 35 months. On the other hand, Manufacturing PMI Output Index and Manufacturing PMI both declined in comparison to April, landing at 61.9 and 62.8, respectively.

"Virus containment measures have been eased [...], which has been accompanied by yet another near-record expansion of manufacturing," Chris Williamson, Chief Business Economist at IHS Markit, commented. "Growth would have been even stronger had it not been for record supply chain delays and difficulties restarting businesses quickly enough to meet demand."

Breaking the News / JR