The pace of decline in the eurozone’s manufacturing sector eased in May as new orders picked up, according to a closely-watched survey.
Markit’s Purchasing Managers’ Index (PMI) for the eurozone manufacturing sector rose to 48.3 from April’s 46.7, marking its highest level in 15 months.
A reading below 50 indicates shrinking activity.
However, the sector has now contracted for 22 months in a row, according to the Markit survey.
In Germany, Europe’s largest economy, the PMI figure rose to 49.4, just below the 50 threshold and marking its highest level for three months.
Spain and Greece saw the most dramatic improvements. Spain’s PMI reading of 48.1 was a 24-month high, while Greece’s reading of 45.3 was a 23-month high.