The key PMI index has plunged to a 36-month low, data shows Manufacturing activity across the 20 countries that use the euro has declined at its fastest pace since the Covid-19 pandemic, amid a widening gap in global demand for goods and services, according to a study by S&P Global. Published on Tuesday, the report showed that the Purchasing Managers’ Index (PMI) for manufacturing dropped to 44.6 in May from 45.8 in April, and further below the 50-mark separating growth from contraction. A similar gauge of services fell to a two-month low, though its reading of 55.9 still signaled robust expansion. The outperforma
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