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Eurozone Manufacturing Growth Plunges to 14-Month Low

April 1, 2022 by Forex Winner Leave a Comment

Eurozone Manufacturing

Source: Markit Economics

Manufacturing growth in the eurozone plummeted to a 14-month low in March, dragged by the escalating tensions between Russia and Ukraine. EZU is down 0.86%, and VGK is up 0.91%.

  • The Final Eurozone Manufacturing PMI stood at 56.5, down from 58.2. This is the lowest level since the start of 2021.
  • The Final Eurozone Manufacturing Output Index plunged to a 21-month low of 53.1, down from 55.5 in February.
  • The decline was attributed to the rise in geopolitical tensions, which in turn hit demand and business confidence.
  • The biggest growth for the month was recorded in Ireland, followed by Austria, while the expansion slowed in the remaining eurozone constituents.
  • Supplier delivery times lengthened as China’s COVID-19 cases and the conflict between Russia and Ukraine worsened the global supply bottlenecks.
  • Employment growth slowed to the weakest since February 2021, with work backlogs up for the 12th straight month.

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Filed Under: Forex News Tagged With: eurozone, ue

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