Courtesy of Mish.
The Markit PMI data from Europe shows still more deterioration led by France, Italy, and Spain. Let’s take a look at a few countries.
France: Business Activity Continues Contraction at Marked Pace
Key points:
- Final Markit France Services Activity Index at 45.1 (45.2 in April), 7-month low.
- Final Markit France Composite Output Index at 44.6 (45.9 in April), 37-month low.
Summary: French service providers registered another sharp decrease in business activity during May. Underlying the weak performance was a second successive fall in incoming new business, while backlogs of work fell further. Companies responded by cutting employment. Input price inflation eased to the slowest for over two years, allowing companies to reduce their charges further.
Italy: Services Activity Continues Contraction at Sharp Rate in May
Key Points:
- Business activity and new work both decrease markedly
- Employment falls at slowest rate for seven months
- Cost inflation weakest since last November
Summary:…
