The final eurozone manufacturing purchasing managers’ index fell to 54.6 in May from 55.5 in April, its lowest level since November 2020, but still above the initial estimate of 54.4.
The PMI index remains above the 50 mark, indicating that the manufacturing sector in the eurozone continues to grow.
Industrial production in the eurozone slowed in May as factories faced a supply shortage while product prices rose and demand for products fell.
Chris Williamson, chief business economist at S&P Global said, “Euro area manufacturers continue to struggle against the headwinds of supply shortages, elevated inflationary pressures, and weakening demand amid rising uncertainty about the economic outlook.”
Meanwhile, the purchasing managers’ index (PMI) for manufacturing in the United Kingdom fell from 55.8 in April to 54.6 in May, unchanged from preliminary figures.
According to the report, growth in the UK manufacturing sector weakened in May, as output expansion, new orders and employment fell.