The gradual easing of lockdown measures has for the month of May, as expected, led to an improvement in the manufacturing PMIs in all countries with the exception of the Netherlands and Japan. The extent of the rebound however varies greatly between countries and some caution is warranted in interpreting the index for Danemark which historically has, at times, shown big swings. The PMI for China has moved above the 50 mark but only slightly so. All in all, the levels remain low to very low, although the coming months should see an improvement. The picture for new export orders remains very bleak. The readings for manufacturing employment have improved somewhat, with Germany being a notorious exception, but the levels remain well below those reached only a couple of months ago. This does not bode well in terms of labour market outlook. The services PMIs, after a huge drop in March and April, have rebounded strongly in May. Importantly, in China this index is again well above 50. Finally, looking only at the eurozone countries, one can only be struck by the observation that all indices are in the bottom end of the range.
MANUFACTURING PMI (WORLD)
MANUFACTURING PMI - NEW EXPORT ORDERS (WORLD)
MANUFACTURING PMI - EMPLOYMENT (WORLD)
SERVICES PMI (WORLD)
PMI INDICATORS (EUROZONE) 
