The services PMI improved slightly, from 48.8 in February to 49.2 in March, but manufacturing PMI fell from 49.0 in February to 47.7 in March. Markit’s chief economist said:
With the exception of a marginal expansion seen in January, the economy has been in continual
decline since last September. Although the average rate of decline seen over the first quarter eased compared with the final three months of last year, the survey data nevertheless indicate that the region has slipped back into a technical recession.
Employment fell in Spain and Italy, and business activity in Germany reached a four-month low.
The Markit Economics announcement is available here.