Activity at struggling factories across the euro zone fell further last month as consumers feeling the pinch from rising living costs cut back, according to a survey which did show the cost of manufacturing fell for the first time since mid-2020.
S&P Global's final manufacturing Purchasing Managers' Index fell to 47.3 in March from February's 48.5, just ahead of a preliminary reading of 47.1 but below the 50 mark separating growth from contraction for a ninth month.
"Euro zone manufacturing remains in troubled waters, with factories reporting a fall in demand for goods for an eleventh straight month amid the surging cost of living, tighter monetary policy, a shift to inventory destocking and subdued customer confidence," said Chris Williamson, chief business economist at S&P Global.
That drop allowed factories to increase their charges at the slowest pace in over two years, likely welcome news to policymakers at the European Central Bank who have so far failed to get inflation anywhere near their 2% target.
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