Factory activity powered ahead in Europe last month and stayed strong in Asia as demand grew, surveys showed, but rising raw material costs and supply bottlenecks posed a headache for business and weighed on the recovery in export-driven economies. European manufacturers ramped up activity at the fastest monthly pace in PMI survey history but a spike in Covid-19 infections in some countries continued to disrupt supply chains. Eurozone manufacturing activity would have been even faster without those constraints, but IHS Markit’s final eurozone manufacturing PMI still rose to 63.1 in May from April’s 62.9. That was above an initial 62.8 “flash” estimate and the highest reading since the surve
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