After signalling a renewed reduction in private sector business activity in the eurozone during April, provisional PMI® survey data for May pointed to a deepening downturn. Sharper falls in output, new orders and employment were recorded, while business confidence slipped lower. A key factor behind the declining activity levels was a further intensification of cost pressures. Input prices increased at the fastest pace in three-and-a-half years, while selling price inflation also quickened. There was again some evidence of safety stock building in the manufacturing sector, helping to support growth of output and ... (full story)