"So far, the recovery in the manufacturing gauge from its low of 40.3 in February has been bumpy at best, having fallen back into contraction in April".
India's enormous services industry endured another month of devastating contraction in May as the coronavirus brought activity to a near halt, causing steep job losses and cementing fears of a deep recession, a survey showed on June 3. Export sales in the UAE fell in May, but at a softer rate, while the lifting of travel restrictions helped deliveries, he added.
After crashing to its lowest reading in the survey's almost 22-year history in April, IHS Markit's Manufacturing Purchasing Managers' Index (PMI) for the euro zone recovered somewhat last month, rising to 39.4 from 33.4.
As per the survey, weaker demand drove output lower following April's record decline.
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Cooper said May data highlighted further rapid contractions in both output and new orders. IHS Markit, which compiles this measure in more than 40 countries, said May's manufacturing PMIs for the eurozone, United Kingdom and USA are 39.5, 40.6 and 39.8 respectively.
IHS Markit said Malaysia registered the softest downturn across the seven monitored countries in May.
Meanwhile, Indonesian manufacturers reported a similarly marked decline, with the headline index (28.6) the second-lowest on record.
"Business conditions in Saudi Arabia deteriorated again during May, but the speed of the downturn moderated from April's survey-record pace", Tim Moore, economics director at IHS Markit, which compiles the survey, said.
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That said, the headline figure (45.6) was indicative of a solid deterioration in operating conditions, it said.
It added, in line with weak demand conditions, firms cut staffing levels again in May, with the rate of job shedding the second-quickest in almost eight years of data collection. "Raw material prices rose slightly as reductions in global supply started to outweigh weaker demand and lead to difficulties in acquiring inputs", Mr. Owen said. Its PMI reading was 50.6, down from 50.8 in April. "Output prices also increased, but firms tried to keep charge inflation low, hoping this would encourage an improvement in sales once demand conditions have returned to normal".
This bounce was expected as lockdown restrictions were eased during the second and third phase. "And things are likely to continue improving very gradually over the coming months as external demand recovers", analysts at the consultancy wrote.
Business activity across India's service sector continued to contract in May as Covid-19 led shutdowns impaired business operations, restricted consumer footfall and led to a demand collapse along with job cuts.
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