Manufacturers in the eurozone appear to have moved away from their lowest point, but activity continues on a sharp downward trajectory, according to the findings of a survey published on Monday.

As coronavirus-fuelled lockdown restrictions begin to ease in numerous countries within the eurozone, demand is still being affected.

IHS Markit’s Manufacturing Purchasing Managers’ Index (PMI) made a slight recovery in May, after falling to its lowest level in the 22 years of the history of the survey, Reuters reports.

The reading increased to 39.4 in May, compared to 33.4 in April, which remains a long way off the 50-point that divides contraction from expansion. May’s figure also falls short of a previous flash reading of 39.5.

In addition, an index gauging output, feeding into a composite PMI which will be published on Wednesday, is still weak, but did hit 35.6 in May from the record low in April of 18.1.

Chris Williamson, chief business economist at IHS Markit commented: “The manufacturing downturn looks to have bottomed-out in April, with production falling at a markedly slower rate in May.

“The improvement in part merely reflects the comparison against a shockingly steep fall in April, but more encouragingly was also linked to companies restarting work as virus lockdowns were eased.”

However, with many businesses still closed and people still being encouraged to stay at home, the survey’s forward-looking indicators point to a sluggish recovery.

Nevertheless, purchasing managers were more optimistic in May than April. The future output index, which measures optimism regarding the year ahead, moved nearer to the 50 breakeven point, at 44.6, compared to 36.6 in April.

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