Eurozone Manufacturing Data Comes In Better-Than-Expected, But Still Ugly

gm opel plant bochum germany

Preliminary May manufacturing and services reports in Europe are coming in stronger than expected, but they’re still signaling contraction.

According to Markit, eurozone flash pmi climbed to 47.7 in May, up from 46.9 in April.  Manufacturing PMI increased to 47.8 from 46.7 a month ago.  Services PMI improved to 47.5 from 47.0 a month ago.

According to economists surveyed by Bloomberg, the flash PMI was expected to improve to just 47.2.

While this is better than expected, any reading below 50 signals contraction.

Markets across Europe continue to be deep in the red.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.