Summary

• Eurozone PMI fell from 48.8 in April to 47.5 in May, the lowest reading since 2023.
• Growth concerns come on top of inflation worries as the PMI flags increasing risks of a technical recession in the eurozone if the Middle East conflict persists.
• The survey indicates weakening output and falls in new orders and jobs. So an all-round bleak report for the eurozone economy in the middle of the second quarter.

By Bert Colijn, Chief Economist, Netherlands

The PMI fell from 48.8 in April to 47.5 in May, the lowest reading since 2023. Growth concerns come on top of inflation worries as the PMI flags increasing risks

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