The S&P Global Purchasing Managers’ Index fell 4.5 points to 44.1 in March, the lowest level since May 2020, a business survey showed on Friday. Values above the 50-point mark indicate growth in the industry, and values below it indicate contraction. The reason for the downward trend was therefore a sharp increase in delivery times and material bottlenecks.
The survey recorded the sharpest increases in sales prices and costs since data collection began in September 1997. Employment fell for the second straight month, reflecting a drop in customer demand and new orders. Job cuts accelerated at the fastest pace since July 2020. The invasion of Russian troops into Ukraine on February 24 was not mentioned in the survey.
Source: Nachrichten
