Eurozone manufacturing activity worsens at nearly 3-year lows, PMI says

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The deterioration in the activity of the factories in the euro zone has worsened in April, when the PMI index has fallen to 45.8 points from 47.3 the previous month, which represents the worst reading of the data in 35 months , according to S&P Global and Hamburg Commercial Bank.

“This weakness probably has to do with the fact that many companies did massive stockpiles due to the tensions that affected supply chains for a long time and are now discovering that they exceeded their caution,” says Cyrus de la Rubia. , chief economist at Hamburg Commercial Bank.

In this sense, the manufacturing survey for April shows “clear evidence of excess capacity”, since orders pending fulfillment fell for the eleventh consecutive month and at the fastest rate since November of last year, while the purchasing activity of companies it also decreased due to lower production needs.

On the other hand, looking ahead, Eurozone manufacturers were optimistic about growth over the next 12 months, reflected in improved confidence and a 20th increase in the workforce. seventh consecutive month, although the rate of job creation was the slowest since February 2021.

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Written by Editor TLN

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