European business slump eased in May, but a long road to recovery still ahead GlobeBusiness
A worker wears a protective mask on the assembly line after VW restarted Europe's largest car factory in Wolfsburg, Germany, on April 27, 2020.Euro zone businesses suffered another devastating contraction in activity in May and while there are signs the worst is over, it could be months before there is a return to growth, a survey showed on Wednesday.
“The final Composite PMIs add to the evidence that economic activity picked up in May, but it remains well below normal,” said Jack Allen-Reynolds at Capital Economics. “Our central case is that the ECB will announce a 500 billion euro increase in the size of its PEPP to 1.25 trillion euros, with the risks skewed toward a larger increase to 1.5 trillion euros,” said Luigi Speranza at BNP Paribas.
Germany’s unemployment rate jumped to 6.3 per cent last month and the labour market remains under immense pressure due to the coronavirus pandemic, official data showed.
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