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Friday April 01, 11:29
Euro region experiences manufacturing growth slowdown
(by Brigitta Zulfitzler)

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Euro region experiences manufacturing growth slowdown Euro region manufacturing growth slowed in March as oil prices surged adding financial burden on manufacturers fighting for increase in consumer spending rate.

Heavy concerns were aroused by the report which showed that the purchasing managers index based on a investigation of about 3,000 companies fell to 50.4 from 51.9 in February.

``The manufacturing sector is suffering at the moment,’’ said Lorenzo Codogno, an economist at Bank of America in London. ``It’s partly oil prices, but also the lack of a pickup in domestic demand and a moderation in global demand. It’s not a nice combination.’’

The bad state of the purchasing rate is aggravated by the shaky employment situation. Unemployment in the euro region was at 8.8% in February. Concern about jobs has made consumers more reluctant to spend.

It should come as no wonder that investors are losing their hopes for the European Central Bank to raise interest rates.

The slowdown of the European and Japanese manufacturing growth seems even more bitter while the U.S. managed to keep its rate growing.

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