BRUSSELS - The eurozone's economic slump has "likely bottomed out" after the bloc suffered a disastrous collapse under lockdowns to contain coronavirus, a closely watched survey by IHS Markit said Thursday.
The index for May came in at 30.5 points -- well above the catastrophic, record-busting 13.5 recorded in April, but still below the 50-point threshold between contraction and expansion. Another economy-watching firm, Capital Economics, agreed that the data pointed to the eurozone's economy having "probably reached the bottom in April, providing some hope that the economy is now slowly on the road to recovery".
Job cutting continued at an "unprecedented" rate, with only a modest slowing compared to April, as companies shed payrolls to cope with lower demand. Germany showed a milder downturn, at 34.1 points, than in France, on 32 points, "while the rest of the eurozone saw the steepest decline".
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