The Purchasing Managers' Index (PMI) for the manufacturing sector fell to 54.7 in March from 56.5 in February.
Output declined for the first time since October, which led to weaker client demand, staff shortages, raw material scarcity and growing uncertainty as the war in Ukraine continues. New orders decreased in March and new export bookings from abroad deteriorated at the fastest pace since July 2020.
Cost burden increased in March, as the rate of inflation rose to 2021's record. The rate of charged inflation was the second-sharpest on record.
Suppliers' lead time lengthened in March to the greatest level for three months. Firms output expectations dropped to the lowest in 22 months in March. The Russia-Ukraine war and rising operational expenses eroded sentiment.
The rate of job creation was the slowest since October 2021 and backlogs of work increased in March. Stocks of finished goods declined at the weakest rate since February last year.
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