The eurozone’s manufacturing economy remained in contraction at the start of the second quarter, although the latest HCOB PMI® survey data provided some positive developments as factory production shrank at the softest rate in a year, while business confidence improved further. However, the sharpest decline in new orders in the year-to-date highlighted the ongoing challenges faced by euro area goods producers. Suppliers’ delivery times once again shortened, and to the greatest extent in eight months. There was a further reduction in manufacturers’ operating costs, although the decrease was only marginal and the ... (full story)