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9.04am BST

Germany’s final reading for the manufacturing PMI in May is 36.4, worse than expected, and up only slightly from April’s 11-year low of 34.5. It signals deep contraction.

Phil Smith, principal economist at IHS Markit, said:

The latest data show that business continues to be severely disrupted by the COVID-19 crisis. Even though more factories have started to resume operations after the loosening of restrictions, weak underlying demand is still a limiting factor, as evidenced by the survey’s measure of new orders rebounding far less than that of output in May.

Manufacturing production was already down 7-8% from a peak in late-2017 even before the onset of the pandemic, and now that figure looks to be in the region of 25-30%. With production as far as it is below capacity and manufacturers not expecting a full recovery anytime soon, factory job losses have continued to accelerate, led by another round of staff cuts in the particularly ravaged investment goods sector.

9.00am BST

The French manufacturing PMI rose to 40.6 in May (slightly up from the preliminary reading of 40.3), compared with 31.5 in April.

Eliot Kerr, an economist at IHS Markit, which compiled the survey, said:

Despite some French manufacturers beginning to resume normal operations in May, output continued to decline following April’s record contraction. Although the rate of decline eased, the further reduction in activity highlights the challenges that the economy faces in its recovery from this crisis.

Firms are now presented with an environment of subdued demand, as clients remain hesitant to place orders amid uncertainty over the removal of restrictions and the potential for further outbreaks.