Euro Zone Manufacturing Downturn Deepens in March But Future Output Expectations Improve

Euro zone manufacturing activity contracted further in March, with the PMI dipping to 46.1 from 46.5 in February
Output rose slightly from 46.6 in February to 47.1 in March, but still remains in contraction territory below 50
New orders have now fallen for 23 straight months despite factories cutting prices at the fastest pace since November
Factories continued to reduce headcount, but the future output index rose to 57.4, its highest since April 2021
The data shows the manufacturing downturn deepened again in March, though there are some signs of optimism about future output