French business activity crashes to new record low in April: PMIs [Reuters]
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Source: Reuters
French business activity crashes to new record low in April: PMIs PARIS (Reuters) - French business activity has plunged even more than expected this month to hit a new record low as a nationwide lockdown shuttered shops and factories across the euro zone’s second-biggest economy, a survey showed on Thursday. Data compiler IHS Markit said its preliminary purchasing managers’ index (PMI) for April dropped to 11.2 from 28.9 in March, hitting the lowest reading on records going back to 1998. The result, miles below the 50-point threshold denoting growth in activity, not only fell far short of the 26.0 points expected on average in a Reuters poll, but was well down from even the lowest forecast of 18.5. Activity has ground to a halt at many firms since a nationwide lockdown was imposed in mid-March to contain the coronavirus outbreak, plunging the economy into what the government expects to be France’s worst post-war recession. Companies have since put more than 10 million people on state
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