Latest data released by Markit - 6 May 2020
- Prior 17.4
- Composite PMI 10.9 vs 10.4 expected
- Prior 20.2
No decline to single-digit PMIs for Italy but the drop is still rather unprecedented as the services sector shrinks at its steepest rate on record last month - not to much surprise.
Markit notes that:
"The Italian services sector continued to suffer in the face of the COVID-19 pandemic in April, with latest survey data highlighting a further unparalleled reduction in activity.
"New business also declined at a record pace, with firms reporting that widespread lockdown measures and the economic fallout from COVID-19 had led client demand to deteriorate rapidly."With the manufacturing sector suffering a similar fate to services, the latest data highlight the substantial blow from the pandemic on the Italian economy. With the gradual easing of restrictions planned to begin in early May, next month's data will give the first indication on how fast we can expect activity to recover in the short term."