Economic Buzz: Eurozone Business Sentiment Slumps In March

24 Mar 2022 , 04:12 PM

The S&P Global Eurozone Composite PMI fell to 54.5 in March of 2022 from 55.5 in February as the economic impact of a war Ukraine offset stronger demand for services as COVID-19 restrictions were lifted. Manufacturing PMI fell to 57 in March of 2022 from 58.2 in February. Manufacturing expanded the least in 14-months impacted by supply bottlenecks, a drop in export demand, and a surge in costs for parts and raw materials on the heels of the war in Ukraine. Meanwhile, the growth in the services sector only eased slightly as easing coronavirus-induced restrictions helped the tourism and recreation sector. Services PMI dropped to 54.8 in March 2022 from 55.5 in the previous month. The latest reading indicated that business activity and new orders slowed compared to Februarys rebound amid supply bottlenecks and a drop in exports on the heels of the Ukrainian war.

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