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mpc: 10 The more recent euro-area indicators were also mostly discouraging. Retail sales had fallen in April, and both consumer and industrial confidence had fallen in May. The manufacturing Purchasing Managers' Index (PMI) had fallen further below the neutral 50 mark in May, though the services PMI index had been a little stronger than expected. Taken together, the latest indicators pointed to weaker GDP growth in Q2 than expected at the time of the May Inflation Report.