欧元区5月PMI意外萎缩，服务业创16个月来最差表现

Core Viewpoint - The Eurozone economy unexpectedly contracted in May, with the services sector experiencing its worst performance in 16 months, overshadowing a slight improvement in manufacturing [1][5]. Group 1: Economic Activity - Eurozone private sector activity unexpectedly shrank in May, primarily due to weak performance in the services sector [5]. - France's economic activity has contracted for nine consecutive months, with a composite PMI rising slightly from 47.8 in April to 48 in May, still below the 50 threshold [4][7]. - Germany's PMI data also disappointed, with a decline in the services sector, although infrastructure reforms and military rebuilding plans by the new government may provide future support [10]. Group 2: PMI Data - The Eurozone composite PMI fell from 50.4 in April to 49.5 in May, below analysts' expectations of 50.6 [6]. - The services PMI preliminary value was 48.9, lower than the expected 50.5 and previous value of 50.1 [6]. - The manufacturing PMI preliminary value was 49.4, slightly above the expected 49.2 and previous value of 49 [6]. Group 3: Sector Performance - The weak performance of the services sector is the key factor leading to the overall PMI decline, indicating a more challenging road to recovery for the Eurozone economy [5]. - Despite the overall poor data, the Eurozone's manufacturing sector showed improvement, marking the first time since the pandemic began that manufacturing outperformed services [5]. - In Spain and other Southern European countries, performance was relatively better, with strong tourism demand reported by Ryanair Holdings Plc [13].