Eurozone Manufacturing Activity Reaches Four-Year High in March

Eurozone manufacturing activity reached its highest level in nearly four years in March, driven by supply chain disruptions due to Middle Eastern conflicts, which contributed to delivery delays and boosted overall growth indicators. According to RTHK, the Eurozone Manufacturing Purchasing Managers' Index (PMI) rose from 50.8 in February to 51.6 in March, surpassing initial estimates. New export orders stabilized after eight consecutive months of contraction, while input prices climbed to their highest since October 2022, influenced by rising oil and energy prices. The output index increased for the third consecutive month, reaching a seven-month high. However, business confidence fell to a five-month low due to the impact of the Middle Eastern conflicts. In a related development, the European Union's statistics office reported that the Eurozone's unemployment rate rose to 6.2% in February, exceeding expectations.