Eurozone PMI Manufacturing rose to 62.4 in March, up from 57.9, well above expectation of 57.9. That’s a record high since June 1997. PMI Services improved to 48.8, up from 45.7, beat expectation of 46.1, a 7-month high. PMI Composite rose to 52.5, up from 48.8, an8-month high.
Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone economy beat expectations in March, showing a much better than anticipated expansion thanks mainly to a record surge in manufacturing output… The outlook has deteriorated, however, amid rising COVID-19 infection rates and new lockdown measures. This two-speed nature of the economy will therefore likely persist for some time to come, as manufacturers benefit from a recovery in global demand but consumer-facing service companies remain constrained by social distancing restrictions.
