LONDON—Eurozone business growth remained resilient but slowed slightly more than thought this month as the bloc’s dominant services industry lost a little of its shine and the downturn in the manufacturing sector deepened, a survey showed on Tuesday.
HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and seen as a good gauge of overall economic health, fell to 53.3 in May from April’s 54.1.
While still comfortably above the 50 mark separating growth from contraction it was below a Reuters poll estimate of 53.5.
“Despite signaling a slower pace of growth in May, the overall PMI results so far in Q2 are, at face value, signaling a solid GDP gain. But this is at odds with other survey and hard data,” said Ricardo Amaro at Oxford Economics….