Posted by: youngragingbull | May 23, 2013

Eurozone PMI rises in May to three-month high

Private-sector activity in the 17-nation Eurozone continued to shrink in May, but at a slower pace than in previous months, according to the preliminary Markit composite purchasing managers’ index released on Thursday.

The index rose to a three-month high of 47.7 from 46.9 in April, beating expectations, but still well below the 50-mark that separates expansion from contraction.

Meanwhile, the manufacturing PMI climbed to 47.8 from 46.7 in April.

“The Eurozone’s second recession in five years looks set to drag on into a seventh successive quarter,” said Chris Williamson, chief economist at Markit.

“Although the Eurozone PMI rose for a second successive month in May, the survey remains firmly in contraction territory and indicates that the economy is likely to contract in the second quarter at a similar rate to the 0.2% decline seen in the first three months of the year,” he said.

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