Business News Asia
S&P Global reported a decline in manufacturing activity in the eurozone in March. Demand contracted, affecting confidence in the manufacturing sector, and at the same time, rising energy costs have led to a rebound in product prices.
The March Purchasing Managers’ Index (PMI) for the manufacturing sector fell to a 14-month low of 56.5 from 58.2 in February, below the previous estimate of 57.0.
However, the PMI remained above the 50 mark, indicating that the eurozone manufacturing sector as a whole continues to grow.
However, the winds of recession are blowing across the eurozone with rising costs of living, which some are already calling a cost of living crisis, exacerbated by the sanctions imposed on Russia.