Eurozone manufacturing output stalled in April as factories struggled to get raw materials as demand suffered from steep price increases.
Source: S&P Global
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The S&P Global Eurozone manufacturing purchasing managers’ index dropped to a 15-month low of 55.5 in April from 56.5 in March.
Meanwhile, an index measuring output, which feeds into a composite PMI and is seen as a good measure of economic health, plunged to 50.7 from 53.1, its lowest level since June 2020.
Chris Williamson, the chief business economist at S&P Global, stated that manufacturing output came at a standstill across the Eurozone in April.
Input costs jumped at one of the fastest rates in the survey’s history. The output prices index rose to 77.3 from 74.2, its highest level since 2002.