Latest data released by Markit - 3 April 2020
- Composite PMI 28.9 vs 30.2 prelim
The preliminary report can be found here. The softer revisions reaffirm record low for both the services and composite readings as the virus outbreak hits hard on French and euro area economic activity for the month of March.
The fear now is that the situation is set to worsen further in April and may extend towards May as the virus outbreak continues to grip the region and cause an economic standstill.
Markit notes that:
"March PMI data painted an ugly picture for the French service sector, with output and new business falling at record-pace amid shutdowns due to the coronavirus.
"The results were similar in the manufacturing sector, leading to a historic decline in private sector activity. Moreover, the difficult situation is set to continue with widespread lockdowns expected to remain in place until infection rates are quelled.
"It is now important that fiscal policy is effectively implemented to stem the flow of job losses and prevent a prolonged period of economic turmoil. In the short-term, a broad-based global economic recession is all but guaranteed, however governments around the world can take action to limit the longevity of disruption."
