Business activity in the euro zone ‘fell unexpectedly’ in May. This is reported by preliminary figures from market researcher Markit.
The purchasing managers’ index for the industry was 47.7 against 47.9 in April. Economists had generally expected a score of 48.1. A level above 50 indicates growth, below which shrinkage. Activity in the service sector also declined. The purchasing managers index came out at 52.5, from 52.8 a month earlier.
Industry also did less in Germany. The purchasing managers’ index for the industry in that country went to a level of 44.3 in May, from 44.4 a month earlier. Economists had generally expected a score of 44.8. The services sector did grow, but did a little less so than in April with a score of 55.0.
In France there was a slight increase in activity in the industry. The index was 50.6, compared to 50.0 a month earlier. There, the services sector performed better than expected with a score of 51.7. That was 50.5 in April.