Latest data released by Markit - 6 May 2020
- Composite PMI 17.4 vs 17.1 prelim
The preliminary report can be found here. The final readings are a touch better than the initial estimates but it doesn't take away the fact that the German economy saw an unprecedented decline in activity last month amid the virus fallout and business shutdowns.
It is pretty much the same across the region as seen reflected by earlier readings from Spain, Italy, and France. Markit notes that:
"As was expected following the first full month of lockdown, the decline in services business activity across Germany accelerated in April, with the rate of contraction moving well beyond that seen even during the depths of the global financial crisis."However, though manufacturing also suffered a record drop in output in April, the PMI surveys confirm that the decline in Germany's economy has been less severe than in France, Italy and Spain, where lockdowns have been more strict."Despite the easing of restrictions having already begun, there is still so much uncertainty among businesses about the timing of further relaxation of measures and the health of demand going forward."The uptake of short-time work has been on an unprecedented scale, yet the record job losses in April clearly show that businesses aren't expecting a full recovery in activity anytime soon."
