Eurozone Factory Activity Gathers Momentum As Estimated

Eurozone Factory Activity Gathers Momentum As Estimated

Eurozone Factory Activity Gathers Momentum As Estimated

In the United Kingdom, the manufacturing PMI fell less-than-expected to a level of 56.70 in May, compared to a reading of 57.30 in April. Any figure above 50 represents expansion.

Japan has secured new orders, prompting a 3 month manufacturing high in May supported by stronger increases in output, a survey reported.

Germany's headline IHS Markit/BME factory PMI improved to 59.5 from 58.2 in April.

Screen Shot 2017 06 02
Here is the chart:IHS Markit

As the bloc's economic performance improves, the European Central Bank is likely to signal a move away from its ultra-easy monetary policy by September, economists in a Reuters poll forecast last month.

The broader economy also struggled earlier this year as consumers felt squeezed by rising inflation, driven in large part by sterling's fall of more than 10 percent after last year's vote to leave the European Union.

The UK construction sector expanded at the fastest pace in 17 months in May as low interest rate and strong labor markets underpinned residential building activity.

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Purchasing activity showed an identical trend to new orders in May.

The anecdotal evidence of reduced demand was reinforced by survey data with the seasonally adjusted new orders indec contracting below the 50-level threshold.

Nearly all economists expect inflation pressures on consumers to intensify later this year, but the silver lining of a weak currency - more competitive exports - is proving elusive.

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Housebuilding had a stand out performance over the period, expanding at its fastest pace since December 2015 and bouncing back from a seven-month low in March.

Both domestic demand and exports were solidly increasing over the month, with a weaker sterling encouraging overseas buyers to snap up goods Made in Britain.

New business was also motoring ahead, clocking its fastest expansion so far this year, while the number of new jobs accelerated for the second month on the bounce to its strongest level since January 2016. The positive steer for output expectations was reinforced by a further increase in outstanding orders, which rose to a six-year high.

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