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The HCOB Eurozone Manufacturing Purchasing Managers’ Index rose to 49.4 in May from 49.0 in April, marking a 33-month high and in line with a preliminary estimate but remaining below the 50.0 threshold separating growth from contraction.
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France’s PMI moved closer to breakeven at 49.8, a 28-month high. But Europe’s largest economy, Germany, remained the weakest performer among the big euro zone members with a PMI of 48.3.
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U.S. Manufacturing PMI edged down to 48.5, the lowest since November, from 48.7 in April. Manufacturing accounts for 10.2% of the U.S. economy. The PMI, however, remains above the 42.3 level that the ISM [Institute for Supply Management] says over time indicates an expansion of the overall economy.
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Japan’s final au Jibun Bank manufacturing PMI stood at 49.4 in May, up from April but stayed below 50.0 for an 11th successive month.
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The PMI for South Korea, Asia’s fourth-largest economy, stood at 47.7 in May, staying below 50 for a fourth month due to frail demand and the hit from U.S. tariffs, S&P Global’s survey showed.
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The Caixin China General Manufacturing PMI declined to 48.3 in May 2025, down from April’s 50.4 and missing forecasts of 50.6, marking the first contraction in the sector in eight months. The latest reading also represented the steepest decline since September 2022.
“With domestic demand weak, China is flooding Asia with cheap exports, which is also putting deflationary pressure on the region’s economies,” [Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute] said.
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