According to Fortune magazine, recovery in the euro zone weakened slightly in May but remains on course for having its best quarter in three years.
Research firm Markit said its Purchasing Managers' Index for the euro zone fell marginally to 53.9 in May from a three-year high of 54.0, indicating that the region is growing at an annualized pace of between 1.5%-2.0%, according to analysts at Bank of America Merrill Lynch. A number above 50 denotes expansion.
The euro zone exited recession last year, but the recovery has struggled to build any momentum, with unemployment still near record highs in some countries, and banks still more concerned with strengthening their balance sheets rather than extending new loans to businesses and consumers.
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