The fastest increase in the Eurozone composite PMI in the last year
Composite PMI in the Eurozone showed the fastest increase in the last year in May.
Business activity in the euro zone rose at the fastest rate in a year in May as growth in the bloc’s dominant services sector outpaced the contraction in manufacturing.
Euro Zone S&P Global Composite PMI reached 52.2 in May, the highest level since May 2023. According to the survey conducted by Bloomberg economists, S&P Global composite PMI was expected to be announced at 52.3 in May.
Eurozone S&P Global Services PMI decreased slightly to 53.2 last month. The expectation was for it to be 53.9.
Composite PMI data of Europe’s largest economy, Germany, grew above expectations and reached 52.4. In France, Composite PMI fell below expectations and fell to 48.9.
Cyrus de la Rubia, Chief Economist of the Hamburg Commercial Bank, said, “The specter of recession is off the table. This is thanks to the service sector, where the rise has expanded recently. In general, the service sector seems to enable the Eurozone to show positive growth again in the second quarter.” said.