The S&P Global Eurozone Composite PMI declined to 50.5 in March 2026, down from 51.9 in February and below market expectations of 51.0, according to preliminary data. This signals only marginal growth in the bloc’s private sector, the weakest in ten months, as service sector activity nearly stalled. New orders contracted for the first time in eight months, and employment continued to fall amid rising uncertainty tied to the Middle East conflict. On the price front, input cost inflation surged to its fastest pace since February 2023, while output prices rose at the sharpest rate since February 2024. Supply chains also faced severe disruptions, with suppliers’ delivery times lengthening the most in over three-and-a-half years. Finally, business confidence plummeted to its lowest in nearly a year, marking the steepest drop since Russia’s invasion of Ukraine in 2022.