Latest data released by Markit - 1 April 2020
The preliminary report can be found here. This mainly reaffirms that output, new orders, and purchasing all fell sharply as supply-side disruptions continue to intensify amid the virus outbreak and lockdowns globally.
Markit also says that confidence about the future sank to a record low with the deterioration in aggregate manufacturing output being the greatest since April 2009. Adding that:
"Even the slide in the PMI to a seven-and-a-halfyear low masks the severity of the slump in manufacturing as it includes a measure of supply chain delays, which boosted the index. Supply delays are normally seen as a sign of rising demand, but at the moment near-record delays are an indication of global supply chains being decimated by factory closures around the world."We need to look at the survey's output and new orders gauges to get a better understanding of the scale of the likely hit to the economy that will come from the manufacturing sector's collapse, and these indices hint at production falling at the sharpest rate since 2009, dropping an annualised rate approaching double digits."The concern is that we are still some way off peakdecline for manufacturing. Besides the hit to output from many factories simply closing their doors, the coming weeks will likely see both business and consumer spending on goods decline markedly as measures to contain the coronavirus result in dramatically reduced orders at those factories still operating. Company closures, lockdowns and rising unemployment are likely to have an unprecedented impact on expenditure around the world, crushing demand for a wide array of products. Exceptions will be food manufacturing and pharmaceuticals, but elsewhere large swathes of manufacturing could see downturns of the likes not seen before."