Episode Details

Euro zone private sector growth slowed to a ten-month low in March, with the composite PMI dropping to 50.5 from 51.9 in February. This came in below forecasts of 51.0, but still signals expansion. The slowdown is primarily due to the Middle East conflict, which increased input costs and caused supply chain disruptions. New orders fell for the first time in eight months, mostly due to weakness in services. Output in manufacturing eased slightly to 51.7, while input prices rose at the fastest clip since February 2022. Economists warn of stagflation risks, as prices climb while growth stalls near zero. Businesses cut jobs for a third month running, with manufacturing leading the losses. Germany saw strong manufacturing gains, while France saw activity drop again. Survey indicators point to GDP growth of just 0.1% for the quarter. Looking ahead, forward signals raise concerns about a potential downturn in the coming months.

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