The euro area flash PMI also disappointed, as it lost the momentum it had shown in previous months. Manufacturing confidence remained flat at 51.9, while the consensus was expecting it to increase to 52.6.
Nonetheless, it remains at its highest level in 10 months. New orders decreased 0.6 point, to 51.6, and inventories increased slightly, 0.2 point, resulting in a reduction in the gap between the two series, which tends to indicate the pace of demand flows in upcoming months, to 4.4 from 5.3 in March.
The regional breakdown shows that Germany and France surprised to the downside. German composite PMIs fell from an eight-month high, on lower new orders (54.2).
"Our EU economists believe that core countries actually drove the brunt of the euro area PMI downward adjustment, as they look for better confidence in the periphery", says Barclays.
