Euro zone factory activity took turn for the worse in April, PMI shows [Yahoo! Finance]
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Source: Yahoo! Finance
HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.7 in April from March's 46.1, below the 50 mark denoting growth in activity for a 22nd month. However, it was just ahead of a 45.6 preliminary estimate. An index measuring output, which feeds into a composite PMI due on Monday and is seen as a good gauge of economic health, nudged up from March's 47.1 to 47.3, matching the flash estimate. "What is going to rescue the euro zone economy? While this is a difficult question, one thing is clear: It's not the manufacturing sector. Instead, this sector is prolonging its drawn out recession into April," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The bloc's economy recovered last quarter from a mild recession and expanded 0.3% quarter-on-quarter in January-March, official data showed on Tuesday. Suggesting no immediate turnaround for manufacturers the new orders index, below 50 since May 2022, fell to a fo
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