IEV - Eurozone Manufacturing PMI Holds Close To 6-Year Low At Start Of Second Quarter
The euro area's manufacturing sector remained deep in decline at the start of the second quarter. Although the headline PMI rose for the first time in nine months, up from 47.5 to 47.9, the April reading was the second-lowest seen over the past six years, signalling a deterioration of overall business conditions for a third successive month.
Highlighting the depth of the downturn, the survey's output index is indicative of the official (Eurostat) gauge of factory production falling at a quarterly rate of approximately 1%, setting the scene for the goods-producing sector to act as