Flash Eurozone PMI falls in March as Manufacturing Downturn Deepens

Key findings:
▪ Flash Eurozone PMI Composite Output Index(1)
at 51.3 (51.9 in February). 2-month low.
▪ Flash Eurozone Services PMI Activity Index(2)
at 52.7 (52.8 in February). 2-month low.
▪ Flash Eurozone Manufacturing PMI Output
Index(4) at 47.7 (49.4 in February). 71-month
low.
▪ Flash Eurozone Manufacturing PMI(3) at 47.6
(49.3 in February). 71-month low.

Data collected March 12-21
The eurozone economy lost momentum again in March, expanding only modestly as manufacturers reported their steepest downturn for six years. The service sector showed greater resilience but remained in its worst growth spell since late-2016.
Stagnant order books and gloomier future expectations meanwhile led to reduced hiring.
The IHS Markit Eurozone Composite PMI® fell from 51.9 in February to 51.3 in March, according to the preliminary ‘flash’ estimate. The March reading was the third-lowest since November 2014, running only marginally above the recent lows seen in December and January. The flash estimate is typically based on approximately 85% of the final number of replies received each month.

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