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Eurozone Final PMI Hits 18-Month Low in May on Weak Demand

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The euro area's private sector activity declined at a sharper rate in May, as falling demand for the bloc's goods and services impacted output, according to final data from S&P Global published Wednesday.

The seasonally adjusted S&P Global Eurozone Composite PMI Output Index stood at an 18-month low of 48.5 in May, compared with the previous month's 48.8 and the flash estimate of 47.5.

Meanwhile, the services PMI came in at 47.7, against the prior month's 47.6 and the initial reading of 46.4, signaling a continued contraction in services activity.

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