Business activity in the manufacturing sector of the euro area declined in May for the 4th consecutive month

In May, the eurozone manufacturing sector recorded a decline in business activity for the 4th consecutive month. According to IHS Markit, PMI's purchasing managers' index was 47.7 points against 47.9 points in April. The decrease in activity is indicated by the index value below 50 points, which is caused by the weakening of demand both in the domestic and foreign markets. In the sector, new orders have been declining for the past eight months. New export orders continued to decline last month, although their rates of decline slowed somewhat. The decline in production has been observed for four months in a row. The number of jobs declined for the first time after continuous growth for 56 months. The reduction in the number of personnel was demonstrated by companies in Germany and Spain. Purchase prices rose at the lowest rate since August 2016.

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