The Eurozone Manufacturing Purchasing Managers' Index (PMI) has experienced a notable rise in May 2024. According to the latest data updated on 23 May 2024, the index increased from 45.7 in April to 47.4, signaling an improvement in the sector's health.
The previous indicator, marked at 45.7 in April 2024, showed contraction in the manufacturing activity, as any number below 50 represents a decline. However, the recent advance to 47.4 in May indicates a step towards recovery, although it still lies in the contraction territory.
This modest uptick has been attributed to an increase in new orders and a slight improvement in production levels, reflecting growing optimism among manufacturers. Analysts are cautiously optimistic that this may signal the beginning of a rebound in the manufacturing sector, which is crucial for the Eurozone economy's broader recovery efforts.
