IHS has released its widely followed Markit Flash Eurozone PMI. The figures were unbelievably bad.
The Flash Eurozone PMI Composite Output Index hit 13.5 from 29.7 in March. Its record low was in July 1998. The Flash Eurozone Services PMI Activity Index dropped to 11.7 for April against 26.4 in March. The drop was well below the record low hit in July 1998. The Flash Eurozone Manufacturing PMI Output Index collapsed to 18.4 from 38.5 in March. Its record low was set in June 1997.
IHS Markit researchers commented:
The eurozone economy suffered the steepest falls in business activity and employment ever recorded during April as a result of measures taken to contain the coronavirus outbreak, according to provisional PMI survey data.
It is almost impossible that the index could go this low. A figure of 50 or higher represents growth. A figure lower than 50 represents contraction. The number for April indicate that the economy across Europe has ground to a halt.
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