RTTNews - In further signs that the worst of the recession is over, the decline in Eurozone and UK manufacturing activities moderated again in May.
Monday, reports said citing data released by the Markit Economics that the manufacturing purchasing mangers index or PMI rose to a seven-month high of 40.7 in May from 36.8 in April and from the flash reading of 40.5. That was the biggest monthly increase in the survey's 12-year history. However, the reading is still below the no-change mark of 50 that separates expansion from contraction.
The manufacturing PMI for Germany rose to 39.6 from 35.4 recorded in April and the preliminary estimated 39.1. Thus it reached a seven-month high.
The gauge for the French manufacturing sector stood at a nine-month high of 43.3 in May, up from the flash reading of 43.1. At the same time, the Italian PMI increased to 41.1 from 37.2 recorded in April and reached an eight-month high.
Out of the euro area, the CIPS/Markit manufacturing PMI for the UK accelerated to 45.4 in May from the previous month's 43.1 as the pace of decline in new orders, output and employment eased further. Meanwhile, economists had forecast a reading of 44. According to reports, UK's headline PMI was the highest since May 2008.
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