PMIs show the euro-zone downturn eased in May

LONDON (MarketWatch)
The euro zone's downturn eased in May, with both Spain and Italy showing tentative signs of improvement, according to the final reading of Markit's manufacturing purchasing managers' index released on Monday
The index rose to 48.3 in May, up from an initial estimate of 47.8, marking the first time in four months that the downturn eased
The index, however, was still below the 50-mark that separates contraction from expansion
In Spain, the PMI rose to a 24-month high of 48.1, while Italy climbed to the highest level in four months with a 47.3 reading
Germany continued to contract in May, the data showed, although at a slightly slower pace than thought previously.
The German PMI rose to 49.4 from the 49 flash estimate
"Although the euro area manufacturing economy continued to contract in May, it is reassuring to see the rate of decline ease to such a marked extent
The sector still seems some way off stabilizing, however, and therefore remains a drag on the economy," said Chris Williamson, chief economist at Markit, in the release