Global factory activity weakened in March as consumers feeling the pinch from rising living costs cut back, surveys showed, suggesting a deteriorating outlook will remain a drag on economic recoveries and keep policymakers on their toes. | Reuters
“Today’s PMI results highlight that challenges remain for manufacturing companies. Although consumer demand has largely held across sectors, this could lessen gradually,” said Thomas Rinn, global industrial lead at Accenture.
The improving supply chains and lower energy costs meant input prices fell in the euro zone for the first time since July 2020 – just when the COVID-19 pandemic was cementing its grip. China’s Caixin/S&P Global manufacturing PMI stood at 50.0 in March, much lower than market forecasts of 51.7 and below February’s 51.6.“The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand, especially an improvement in household consumption,” Wang Zhe, senior economist at Caixin Insight Group, said on China’s PMI.
A separate central bank survey released on Monday showed Japanese big manufacturers’ sentiment soured in January-March to its worst in more than two years, as weak external demand added to the struggle for firms already grappling with rising raw material costs.
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