The S&P Global Eurozone Manufacturing PMI fell to 54.4 in May of 2022 from 55.5 in April, the smallest expansion since November 2020 and compared to market forecasts of 54.9, preliminary estimates showed. New orders fell for the first time since June 2020 and the levels of outstanding business rose at the slowest rate since August 2020, hinting at weaker production needs in coming months.

On the price front, input cost inflation eased to the lowest since February and output costs also slowed, principally reflecting the slower growth of costs recorded during the month. Looking ahead, confidence fell to the lowest since the first wave of the pandemic. The second quarter so far has seen the weakest manufacturing expansion since the pandemic-related shutdowns in the second quarter of 2020.