Eurozone economy has 'likely bottomed out': PMI survey

Brussels: The eurozone's economy has "likely bottomed out" after suffering a disastrous collapse under lockdowns to contain the new coronavirus, a closely watched survey by IHS Markit said Thursday.

Contraction across the 19 EU nations using the euro continued in May for the third straight month, but "the rate of decline eased as parts of the economy started to emerge from lockdowns," it said in the purchasing managers' index (PMI).

The index for May came in at 30.5 points, well above the catastrophic 13.5 recorded in April -- but still well below the 50-point threshold between contraction and expansion.