Euro zone factory downturn deepened in May: PMI

London, Manufacturing activity in the euro zone contracted for a fourth month in May, and at a faster pace influenced by the U.S.-China trade war, a survey showed.

According to Reuters, IHS Markit’s May final manufacturing Purchasing Managers’ Index (PMI) was 47.7, matching an earlier flash reading but below April’s 47.9 and only just above March’s six-year low.

An index measuring output change, which feeds into a composite PMI due on Wednesday that is seen as a good gauge of economic health, also held below the 50-mark separating growth from contraction, coming in at 48.9. It was 48.0 in April.

Source: Jordan News Agency