Despite 'Bazookas', Eurozone Composite PMI at 16-Month Low

By: Mike Shedlock | Mon, May 23, 2016
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Markit reported on three key manufacturing surveys today: Japan, US, and Eurozone.

This article puts a spotlight on the Eurozone report in the wake of record stimulus by ECB president Mario Draghi.

Markit reports Flash Eurozone PMI Edges Down to 16-Month Low.


Key Points

The May Flash PMI reinforced the picture of subdued growth of eurozone economic activity, with few signs of any imminent improvement.

The Markit Flash Eurozone PMI - which is based on approximately 85-90% of normal final monthly replies - slipped to a 16-month low of 52.9 in May, down from 53.0 in April. With the PMI having averaged 53.2 in the opening quarter, the latest two months' weak data suggest that economic growth has likely slowed in the second quarter.

With new business growth also sliding to the lowest since January 2015, the survey data point to a strong likelihood of output growth remaining subdued or even weakening further in June.

Markit Eurpzone PMI and GDP


Markit Chief Economist Chris Williamson's Comments


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Looks like Draghi needs another bazooka.

 


 

Mike Shedlock

Author: Mike Shedlock

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Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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