Europe's economy has 'likely bottomed out' and is starting to bounce back, according to a set of closely-watched business surveysEurope's economic slump has"likely bottomed out" and is bouncing back, according to a set of closely watched business surveys released Thursday.
IHS Markit's Eurozone Composite Purchasing Managers Index posted an improved reading of 30.5 in May, up from 13.6 in April."The eurozone saw a further collapse of business activity in May but the survey data at least brought reassuring signs that the downturn likely bottomed out in April," Chris Williamson, chief business economist at IHS Markit said.
The composite PMI is a measure used to track the economic directions of business trends in an economy. A reading of 50 would mean a neutral or stabilized level of growth, above 50 exhibits expansion, and below 50 indicates stagnation. During economic downturns, readings as low as 45 are ordinarily expected, while during expansion PMIs linger in the mid-50s range. April's fall to 13.6 was an unprecedented low for the eurozone.The eurozone's improved index came despite its economy remaining stuck in the deepest downturn arising out of measures taken to control the Covid-19 outbreak.
"The eurozone saw a further collapse of business activity in May but the survey data at least brought reassuring signs that the downturn likely bottomed out in April," Chris Williamson, chief economist at IHS Markit, said in a statement.
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