(IHS Markit) The Eurozone PMI Composite Output Index was posted at 54.5, a two-month low and a decline from 55.5 the previous month.
The slowdowns in Eurozone business activity reflected the economic impact of the war in Ukraine, which broke at a time the economy was recovering from the Covid-19 restrictions.
The services activity also edged lower, with a PMI index of 54.8, a two-month low, and down from 55.5 in February.
The Manufacturing Output Index fell to a five-month low of 53.6, from 55.5 in February. The Manufacturing PMI plunged to a fourteen-month low of 57.0, from 58.2 in February.
New orders for goods declined for the first time in 21 months, while the service sector’s orders expanded at a reduced rate. Supply chain delays heightened to the highest since November.
Input and output costs in manufacturing and service firms increased at a record, driven by surging commodities.
Employment defied the weaknesses to grow for the third straight month to the highest since November, but slowdowns were noted in manufacturing.
The business sentiment fell to the lowest since October 2020 as the war in Ukraine weakened output expectations in the coming year to the lowest since November the same year.
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