- The euro zone manufacturing PMI reached 62.4 in March compared to the 57.7 expected.
- The region’s services PMI stands at 48.8 in March compared to the expected 46.0.
Euro zone manufacturing activity improved more than expected in the reported month, the latest IHS / Markit manufacturing activity survey showed on Wednesday.
The Purchasing Managers Index Euro zone manufacturing PMI improved from 57.9 in February to 62.4 in March and beat expectations of 57.7 by a large margin. The indicator has reached the highest level on record.
The Block services PMI jumped to 48.8 in February from 46.0 expected and 45.7 above.
The IHS Markit composite PMI index for the eurozone expanded to 52.5 in March from 49.1 expected and 48.8 previously.
Comments from Chris Williamson, IHS Markit Chief Business Economist:
“The eurozone economy beat expectations in March, showing much better-than-anticipated expansion mainly thanks to a record rise in manufacturing output.”
“The service sector remains the weak point of the economy, but even here the rate of decline moderated in March as businesses benefited from the rebound in the manufacturing sector, customers adjusted to life during a pandemic and prospects remained relatively optimistic. “
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