Eurozone PMI Services was finalized at 55.2 in My, up from April’s 50.0. PMI Composite was finalized at 57.1, up from April’s 53.8. Looking at some member states Ireland PMI Composite rose to record high of 63.5. Spain rose to 174-month high at 59.2. France rose to 10-month high at 57.0. Germany rose to 2-month high at 56.2. Italy rose to 39-month high at 55.7.
Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone’s vast service sector sprang back into life in May, commencing a solid recovery that looks likely to be sustained throughout the summer… The service sector revival accompanies a booming manufacturing sector, meaning GDP should rise strongly in the second quarter. With a survey record build-up of work-in-hand to be followed by the further loosening of covid restrictions in the coming months, growth is likely to be even more impressive in the third quarter.”
