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The industrial purchasing managers index (PMI) fell 1.9 points to 47.0 points in March, as Credit Suisse announced on Monday. Therefore, it is at the lower limit of expectations. Economists polled by the AWP news agency had forecast values in the range of 47.0 to 49.8 points.
Thus, the industry leading indicator remained below the 50-point growth threshold for the third month in a row. It last traded below this level in July 2020, before falling below this level in January.
The order backlog subcomponent developed poorly, particularly in March. According to the announcement, this is currently the lowest since June 2020. With 39 percent of companies reporting that their order books are less full, it means that a rapid recovery cannot be expected in the coming months. Accordingly, it is not surprising that companies are extremely cautious in purchasing and inventory management.
Things look better in the service industry. The atmosphere in the sector, which is mostly for domestic consumption, has also decreased, but it is in the growth zone. Specifically, the index fell 1.1 points to 54.2 points. According to the Communiqué, the order situation in the service sector is still good, unlike in industry. Economists had previously expected an index level in this area.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
