Euro Area: Business-activity slump softens in March
The HCOB Global Composite Purchasing Managers’ Index (PMI) rose to 49.9 in March from 49.2 in February. However, the index remained entrenched marginally below the 50 no-change threshold, signaling another deterioration in business conditions compared to the prior month.
The services sector expanded at a faster pace in March, while the manufacturing PMI recorded a somewhat sharper pace of contraction. Output and new orders continued to fall albeit at softer paces, as did backlogs of work. Meanwhile, employment swung from contraction to expansion, and business confidence improved. On the price front, both input and output price inflation decelerated.