Following are the comments on the April Purchasing Managers' Indices for the euro zone from Chris Williamson, chief economist at NTC Research, which complies the data. There are indications in the survey that what we are seeing now is a downward trend becoming increasingly entrenched in the euro area where companies' attitudes towards investment and their own spending is getting worse. The amount of raw materials they are buying is now falling at the fastest pace in 20 months as they run down their stocks which fell at the fastest pace for 11 months. Similarly the amount of orders for investment goods from companies in the euro area was one of the biggest sectors to show a decline. That suggests companies are cutting costs fast, not just working capital and raw materials, but also longer term investment such as plant and machinery. The drive to cut costs is also indicated by the employment index which hit its lowest rate in 19 months. Altogether there is a picture of manufacturers becoming increasingly pessimistic about future business conditions. The principal factor for the downturn in France is the weakening of the domestic market. The consumer sector remains the best performing by a small margin but it's clear that we have seen a big turnaround in recent months. Coupled with that, export performance has deteriorated to near stagnation. It's hard to say what is having the greatest impact on the decline in new orders. Crucial is the low business and consumer confidence in the home market which is making it very difficult for companies, especially with the exchange rate as it is and tough competition from overseas. Companies buying manufactured goods are looking to cut costs -- whether that is wholesalers selling to retailers or companies buying equipment or supplies -- so they are increasingly buying from companies outside the euro area where the exchange rate has a competitive advantage.