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The eurozone manufacturing activity plunged to an 18-month low in May amid the continuous price hikes implemented during the period.
Source: S&P Global
EZU is up 0.14%, while VGK is flat premarket.
The Final Eurozone Manufacturing PMI stood at an 18-month low of 54.6, down from 55.5 in April. The Manufacturing Output jumped to a two-month high of 51.3 from 50.7 in April.
The latest data reflected the impact of inflationary pressures during the month, despite the slower increase in both input and output costs. The longer delivery times also hinted at supply disruptions.
The Netherlands recorded the fastest growth among constituents during the month, even as it fell to the lowest level in 18 months. Slower growth rates were also recorded in Austria and Ireland.
Manufacturing output posted slight gains, with indications of supply chain pressures easing as the average input lead times lengthened at a lesser extent recorded in the previous month.
Firms were generally optimistic about the coming year, but the sentiment was among the weakest seen in the last two years.
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