LONDON: Eurozone manufacturers appear to have passed their nadir, a survey showed on Monday , but activity is still contracting sharply as government-imposed lockdowns due to the coronavirus pandemic keep demand in check.
It rose to 39.4 in May from April's 33.4, still a long way from the 50 mark that separates growth from contraction and just below an earlier flash reading of 39.5. "The manufacturing downturn looks to have bottomed-out in April, with production falling at a markedly slower rate in May," said Chris Williamson, chief business economist at IHS Markit."The improvement in part merely reflects the comparison against a shockingly steep fall in April, but more encouragingly was also linked to companies restarting work as virus lockdowns were eased.
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