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Euro Zone Pmi slips to 45.1 in May, Lowest Reading Since June 2009

Markit's Eurozone Manufacturing PMI dropped to 45.1 in May from 45.9 in April, slightly above a preliminary reading
New orders dwindled for the twelfth straight month in May with the sub-index falling to a six-month low of 42.6 from April's 43.5 as export orders continued to sink.
The fall comes despite firms cutting margins by only nudging up prices in the face of more rapidly rising input costs.
The central bank is expected to cut its growth forecasts for this year and next when it meets next week with the ongoing market crisis

Quotes

"The data suggest that the sector is contracting at a quarterly rate of around 1 percent, suggesting that manufacturing will act as a major drag on economic growth in the second quarter,"

"All four of the largest euro zone nations are now reporting worryingly sharp downturns in their manufacturing sectors."

Chris Williamson, chief economist at data provider Markit.

Published: 2012-06-01 09:07:00 UTC+00

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May 21 at 11:55 UTC