A much-anticipated economic pick-up across the 19-country eurozone does not appear to be materializing yet, if one closely-watched survey is anything to go by. Though any reading above 50 still points to growth, the drop reinforces the argument that a first-quarter slowdown may not have been merely a soft patch. Whatever the cause, the survey suggests that second-quarter growth won't beat the first quarter's 0.4 percent. Most economists had thought the first-quarter slowdown was a blip, due to some bad weather and even an outbreak of flu in Germany. Wednesday's survey suggests the slowdown may be more protracted and could be due to the euro, which raised the cost of eurozone exports.

Source: ABC News May 23, 2018 09:54 UTC