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Eurozone March composite PMI weaker than anticipated

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/04/2016 (16:12)
According to a final composite purchasing managers’ index (PMI) compiled by Markit Economics, a combined measure of manufacturing and service output in the eurozone declined to a reading of 53.1 in March from an initial estimate of 53.7 while it was marginally up from February’s reading of 53. Any reading above 50 represents an expansion.

The lower index was attributed to weaker readings from France and Italy. According to Markit, France’s composite PMI was reported at a reading of 50 while Italy’s composite PMI fell to its lowest level in 12 months. Meanwhile, Germany’s composite index also posted its slowest pace of growth in eight months in March in the face of persistently sluggish external demand, especially from emerging markets. Markit also reported that the index for new business growth in the eurozone fell to a 14-month low of 52.7 in March from February’s 53.4.

Economists commented that the eurozone closed the first quarter on a weakening note, raising concerns over the economy.
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