The HCOB Eurozone Composite PMI was revised upward to 50.3 in March, marking the highest level in ten months, up from the initial estimate of 49.9 and a significant improvement from February’s 49.2. This indicates a return to growth for the eurozone’s private sector for the first time since May last year. Although the overall increase in business activity was modest, with manufacturing output still in decline at 46.1 (slightly down from 46.5 in February), the services sector showed improvement at 51.5 in March compared to 50.2 previously. This growth was supported by stable demand and efforts to clear work backlogs. Additionally, there was a third consecutive month of net job growth in the eurozone, as businesses expressed rising confidence in the economic outlook. Expectations for future business activity reached a high not seen since February 2022, signaling a positive outlook for the months ahead.
