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21st May 2025 09:17EurozoneWeekly Monitor

  • A second straight fall in the EZ composite PMI in May points to downside risk for GDP in Q2. 
  • The INSEE and PMI suggest services are weakening, despite tight labour markets and little hit from tariffs. 
  • Inflation pressures are unwinding, so we are maintaining our call for further ECB easing.

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Keywords for: 23 May 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence