The euro zone's manufacturing sector shrank for an eighth month and at a faster pace in March, adding to signs the bloc is in recession as the downturn spread to core members France and Germany, a survey revealed.
Markit's Eurozone Manufacturing Purchasing Managers' Index (PMI) dropped to 47.7 last month from 49.0 in February, in line with a preliminary reading. It has now been below the 50 mark that divides growth from contraction since August.
Euro zone manufacturers suffered a miserable March. Ongoing steep downturns in the periphery are now being accompanied by signs of renewed weakness in countries such as Germany
and France," said Chris Williamson at data provider Markit.
City A.M. Reporter