- Chris Williams, Markit's chief economist
The Organization for Economic Cooperation and Development released a rather pessimistic economic research due to Markit PMI announcement which indicates some troubles in Europe. According to the latest released figures, Markit's final manufacturing Purchasing Managers' Index for May fell to a reading of 51.5 points, being unchanged from an earlier flash estimate as well as showing the second-weakest reading since February. It is worth to point out that reading came out in line with expectations, while in the previous month; the reading came in at 51.7 exceeding expectations of 51.5. Overall, May PMI announcement signalled a further growth slowdown in the Euro zone manufacturing sector, due to inflows of new business from both domestic and export markets which continue to increase at lacklustre rates. Six out of the eight nations included in the single currency region manufacturing survey reported expansions during May. In the first position of the PMI growth rankings is Netherlands while the third place is occupied by Germany. Also, these countries were the only ones to report faster rates of growth.
Manufacturing production, in turn, in the Euro area advanced for the 35th consecutive month while the rate of rise in new business slowed down to a 15-month low.
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