Growth of business activity in the euro area accelerated in May

Business activity in the euro area grew in May at the highest pace in the last three months. According to the revised data from IHS Markit, the composite index of activity in the industrial and service sectors was 51.8 points, up from 51.5 points a month earlier. The service sector showed an increase in activity, while in the manufacturing sector its weakening was observed. PMI of the service industry was 52.9 points against the March value of 52.8 points. The increase in activity in the euro area was facilitated by a slight increase in new orders. European companies continued to create new jobs, but at a slower pace. They also reduced the growth of their operating expenses. The increase in selling prices has been minimal since November 2016. Last month, companies began to less confidently assess the prospects for their business in connection with the escalation of trade disputes, the continuing uncertainty around Brexit and political instability in Europe.

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