Manufacturing Industry in Euro Zone Shrinks at the Fastest Pace since Covid Hit Three Years Ago, US Manufacturing PMI Sinks into Contraction Territory

The latest data show that the manufacturing PMI in the euro zone in May was 44.6, which was lower than the expected 46. The manufacturing industry shrank at the fastest pace since the pandemic caused the closure of factories three years ago.

Markit’s flash US manufacturing PMI was 48.5 in May, a three-month low and slipping into the contraction territory. This reflects a sharp drop in demand, leading to a sharp decline in new orders.