The Euro area manufacturing activity registered its sharpest decline since November 2022 last month, according to data released on Monday by US-based financial services company S&P Global. The eurozone manufacturing purchasing managers’ index (PMI) decreased to 47.3 in March, from 48.5 in February, S&P Global said. “Eurozone manufacturing remains in troubled waters, with factories reporting a fall in demand for goods for an eleventh straight month amid the surging cost of living, tighter monetary policy, a shift to inventory destocking and subdued customer confidence,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. The reading was slightly up from a preliminary estimate of 47.1. Manufacturing output increased only slightly in March, but at the strongest pace since May 2022.
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