Eurozone business activity shrinks further in May
Business activity in the eurozone contracted further in May, weighed down by weak demand caused by the Middle East war, a key survey showed Thursday.
The eurozone purchasing managers' index (PMI) published by S&P Global, an important gauge of the economy's overall health, registered a reading of 47.5 — a 31-month low — after 48.8 in April.
A reading above 50 indicates growth while a figure below 50 signals contraction.
There were "sharper falls in output, new orders and employment were recorded, while business confidence slipped lower", according to the survey.
