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Analysts surveyed by Trading Economics anticipated an average reading of 49.4. The 50-point level indicates whether business activity is expanding or contracting.
According to a report from S&P Global, new orders kept rising this month, and industrial purchasing activity started growing again after a decline that lasted for 44 months.
Delivery lead times in March saw the biggest rise since August 2022, driven by the ongoing conflict in the Middle East.
The purchasing managers' index for services dropped to a yearly low of 50.1 this month, compared to 51.9 in the previous month. The consensus forecast was 51.1.
The composite index also reached a 10-month low, recording 50.5 points, compared to 51.9 points in February. Experts had forecast 51 points.
Business confidence in March dropped to its lowest point in nearly a year, reaching the lowest level since the start of 2022.
source: tradingeconomics.com
According to a report from S&P Global, new orders kept rising this month, and industrial purchasing activity started growing again after a decline that lasted for 44 months.
Delivery lead times in March saw the biggest rise since August 2022, driven by the ongoing conflict in the Middle East.
The purchasing managers' index for services dropped to a yearly low of 50.1 this month, compared to 51.9 in the previous month. The consensus forecast was 51.1.
The composite index also reached a 10-month low, recording 50.5 points, compared to 51.9 points in February. Experts had forecast 51 points.
Business confidence in March dropped to its lowest point in nearly a year, reaching the lowest level since the start of 2022.
source: tradingeconomics.com