India, June 2 -- Euro area factory activity fell at the slowest pace in more than two years in May, signaling a gradual progress towards recovery, final results of the purchasing managers' survey from S&P Global showed on Monday.
The HCOB final manufacturing Purchasing Managers' Index rose to 49.4 in May, in line with the flash estimate, from 49.0 in April. The score came closer to the no-change mark of 50 suggesting stabilization and also hit its highest level since August 2022.
The upward trend in the headline PMI is still continuing, pointing towards a recovery that is progressing, Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.
The industrial sector has started cutting its sales prices again after two months of increa...