The euro area manufacturing purchasing managers’ index (PMI) was slightly revised upwards to 44.8 in May, posting the steepest decline in three years, final data from S&P Global showed on Thursday.
The Hamburg Commercial Bank (HCOB) Eurozone Manufacturing PMI decreased from 45.8 in April, but was slightly up from the flash reading of 44.6.
The main reading was below 50, the threshold that separates growth from contraction, for the second consecutive month.
Production volumes dipped at the quickest pace since November 2022, due to growing drag from demand.
New orders fell the most in six months in May with downturn in new export orders accelerated.
“The decline in new orders from home and abroad signals that the weakness in output is likely to persist for several more months,” Cyrus De La Rubia, the chief economist at HCOB, said.
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