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EMU CommentEuro Area and Germany still weighed down by manufacturing, six-month highs in France

  1. Eurozone Composite PMI nudges up slightly to 51.6
  2. No expected uptick in subdued German Manufacturing PMI, France boosted by services
Eurozone Composite PMI nudges up slightly to 51.6
The Eurozone Composite PMI index increased slightly to 51.6 in May, from 51.5 previously. Manufacturing PMI and Services PMI both saw marginal decreases to 47.7 and 52.5 respectively. The divergence in signs with the composite index is likely a result of seasonal adjustments. In terms of levels, all three indices, but especially manufacturing, remain below the 25th percentile over a five-year horizon.
No expected uptick in subdued German Manufacturing PMI, France boosted by services
In Germany, PMIs remained roughly unchanged, thus disappointing forecasts of an expected uptick in manufacturing. Meanwhile, the Ifö business climate index suggested business confidence has reached a four-year low. In France, both the Composite and Services PMIs continued to increase and reached their highest levels since November last year, suggesting tentative signs of an upturn.

Euro Area Composite PMI up slightly, manufacturing remains subdued


 PMIs in Euro Area and Germany remain low relative five-year histories


Disclaimer
 Erik Meyersson

Erik Meyersson

Senior Economist

Eurozone

erme03@handelsbanken.se

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