Record dive in German business activity shows "shocking" coronavirus impact - PMI [Reuters]
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Source: Reuters
Record dive in German business activity shows "shocking" coronavirus impact: PMI BERLIN (Reuters) - Germany’s private sector recession deepened in April as services and manufacturing suffered record falls in output due to the coronavirus outbreak and measures to contain it, a survey showed on Thursday. IHS Markit’s flash composite Purchasing Managers’ Index (PMI), which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, plunged to 17.1 from 35.0 the previous month. It was the lowest reading on record and compared with a Reuters poll of analysts who had predicted a much smaller drop to 31.0. IHS Markit economist Phil Smith said the April survey revealed the full effects of the pandemic and subsequent lockdown on Germany’s economy, with business activity across manufacturing and services falling at unprecedented rates. “Compared to a low of 36.3 during the financial crisis, the headline PMI’s reading of 17.1 paints a shocking pic
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