The eurozone manufacturing economy contracted sharply in March driven by COVID-19-related shutdowns, said a London-based global data company on Wednesday. 

The Purchasing Managers’ Index (PMI) for the eurozone manufacturing sector fell to 44.5 in March, its lowest level in 92 months, down from 49.2 in February, the IHS Markit data showed.

All market groups posted a deterioration in operating conditions compared to the previous month.

“Output, new orders and purchasing all fell sharply, whilst jobs were cut markedly, and supply-side constraints intensified at a record pace,” it said.

Confidence about the future sank during March, reflective of worries over

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