Euro zone factory growth, input costs hit record highs in May -PMI

Euro zone factory activity expanded at a record pace in May lifting hopes for an economic rebound in the region, according to a survey

The bloc's economy has been ravaged by the coronavirus pandemic over the past year, with governments forcing much of the region's dominant service industry to close. But factories largely remained open, and restrictions in various countries have gradually been eased.

"Surging output growth adds to signs that the economy is rebounding strongly in the second quarter," said Chris Williamson, chief business economist at IHS Markit. Disruptions caused by the global coronavirus pandemic are still having a huge impact on supply chains, making it a sellers' market for the raw materials that factories need.

The euro area was expected to emerge from a double-dip recession this quarter, a Reuters poll found, but a projected rise in price pressures this year was not expected to be sustainable, with inflation forecast to ease substantially.

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