Latest data released by Markit - 24 March 2020
- Prior 52.6
- Manufacturing PMI 44.8 vs 39.0 expected
- Prior 49.2
- Composite PMI 31.4 vs 38.8 expected
- Prior 51.6
Much like the French and German readings earlier, the plunge largely stems from the services and composite prints. In this case, both are at record lows since the series' history over 22 years ago as the euro area economy sees an unprecedented collapse.
The manufacturing print flatters to deceive yet again, due to the inverse calculation of the deterioration in supplier delivery times. The details make for more painful reading:
Markit estimates that the PMI report is indicative of GDP slumping at a rate of 2% q/q with the potential for the scope of the downturn to intensify depending on containment efforts deployed. The full report can be found here.
