The Markit Purchasing Manager’s Index (PMI) showed a decline in total Eurozone manufacturing falling from an index reading of 58 in April to 54.6 in May. Not surprisingly, manufacturing fell in those countries currently in the spotlight for their debt woes including Greece, Spain, and Ireland. More alarmingly however, is the fact that manufacturing also slowed in France and Germany.
Germany is the leading manufacturer in the Eurozone and a key exporter. For May, Germany’s PMI reading fell to 57.7 from 62 in April. Markit economist Tim Moore noted that the result is a “significant slowdown but from an exceptionally high level, so some of the froth is coming off”.
Source: BBC News
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