Euro-Zone Manufacturing Improves in May

The Euro-Zone May manufacturing PMI was revised up to 40.7 from 40.5 reported initially. The German reading was revised up to 39.6 from 39.1, the French reading was revised higher to 43.3 from 43.1 and the Italian PMI, which was released for the first time, rose to 41.1 from 37.2. Readings remain below the 50 point no change mark thus pointing to ongoing contraction in the manufacturing sector. However, the renewed improvement in the readings confirms that confidence has bottomed out and that growth will start to stabilize in the second half of the year.