Economic Overview - The Eurozone economy unexpectedly contracted in May, with the services sector experiencing its worst performance in 16 months, overshadowing a slight improvement in manufacturing [2][3][7] - The Eurozone composite PMI dropped from 50.4 in April to 49.5 in May, below analysts' expectations of 50.6 [3] - The services PMI preliminary value was 48.9, lower than the expected 50.5 and previous value of 50.1, while the manufacturing PMI preliminary value was 49.4, slightly above the expected 49.2 [3] Country-Specific Performance - France's economic activity has contracted for nine consecutive months, with a composite PMI rising only slightly from 47.8 in April to 48, still well below the 50 threshold [6][8] - German PMI data was disappointing, with a decline in the services sector, although government infrastructure reforms may provide future economic support [11] - Southern European countries like Spain showed relatively better performance, with strong tourism demand reported by Ryanair Holdings Plc [14] Sector Analysis - The weak performance of the services sector is a key factor in the overall PMI decline, indicating a challenging road for Eurozone economic recovery [7] - Despite the overall poor data, the manufacturing sector in the Eurozone has shown improvement, marking the first time since the pandemic that manufacturing outperformed services [7] - The manufacturing sector has seen production increase for three consecutive months, with new orders not declining for the first time since April 2022 [7] US Economic Context - In contrast, the US saw better-than-expected performance in May, with Markit manufacturing and services PMIs both indicating expansion [15][18] - The US manufacturing PMI preliminary value was 52.3, the highest in three months, while the services PMI preliminary value was also 52.3, reflecting growth driven by new business [18][21] - The US composite PMI preliminary value was 52.1, indicating a rebound from the lowest point of the year recorded in the previous month [23]
5月欧美制造业和服务业PMI继续分化
Hua Er Jie Jian Wen·2025-05-23 06:11