The eurozone manufacturing sector continued to grow in May, but did so at a slower rate than in the previous month, according to the latest figures.
Dow Jones Newswires reports that Data firm Markit's Purchasing Managers Index (PMI) for the eurozone for May was 52.2. The figure for April was 53.4.
Readings above 50 correspond to expansion, while figures under 50 indicate contraction in activity.
Commenting on the result, Howard Archer, an economist at IHS Global Insight told Dow Jones Newswires, "The slowdown in eurozone manufacturing activity in May reinforces belief that the ECB will deliver a package of measures at its June 5 policy meeting, including interest rate cuts and liquidity measures."
Markit also released the PMI results for individual countries in the Eurozone:
- Netherlands - 53.6
- Italy - 53.2
- Spain - 52.9
- Germany - 52.3 (flash 52.9)
- Greece - 51.0
- Austria - 50.9
- France - 49.6 (flash 49.3)
Meanwhile, the Markit/CIPS UK Manufacturing PMI dropped slightly in May to 57.0.
Back home in Australia, the Ai Group’s PMI for May was 49.2. This was a 4.4 point increase compared with April.