Eurozone Manufacturing Growth Slips to 15-Month Low

Source: Markit Economics

Manufacturing growth in the eurozone declined to a 15-month low in April, dragged by supply-chain issues and the continuous acceleration of inflation. EZU is up 0.32%, while VGK is flat premarket.

• The Final Eurozone Manufacturing PMI at 55.5, the lowest level in 15 months. This follows the 56.5 in March.
• The Final Eurozone Manufacturing Output Index declined to a 22-month low of 50.7 versus 53.1 in March.
• The slower expansion was attributed came as output growth marginally, recording the lowest level in the last 22 months.
• Vendors recorded their prices for raw materials and components during the month, compounding supplier price hikes.
• Work backlogs increased anew, with job growth slightly higher than in March. It also outpaced its historical average by a significant margin.
• Output expectations increased in April but remained below the level seen in February due to inflation concerns due to the conflict between Russia and Ukraine.