Mumbai, May 22 -- The seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index dropped to 49.5 in May from 50.4 in April, below the 50.0 no-change mark for the first time in five months and thereby signaling a reduction in private sector output midway through the second quarter of the year. That said, the pace of contraction was only marginal.
Provisional PMI survey data pointed to a renewed fall in Eurozone business activity during May as new orders continued to decrease. The reduction in output was centered on the services sector as manufacturing production rose modestly.
A short period of employment growth also came to an end midway through the second quarter, with staffing levels kept stable in May.
Meanwhile, business conf...