AFP: Eurozone economy suffers 'unprecedented' collapse
Brussels (AFP) - The eurozone economy is suffering an "unprecedented" collapse according to a PMI index released Thursday by analysis firm IHS Markit.
"The eurozone economy suffered the steepest falls in business activity and employment ever recorded during April as a result of measures taken to contain the coronavirus outbreak," it said.
The company's purchasing manager's index (PMI) dived to a record low of 13.5 in April, from the previous all-time low of 29.7 in March, confirming private sector gloom that is savaging the 19-nation eurozone.
A reading below 50 signals a contraction.
IHS Markit said the service sector bore the brunt of the hit, with hotels, restaurants and travel-related firms faring the worst.
Manufacturing also saw a record fall however, because of staff and material shortages and severe supply chain disruptions.
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WNU Editor: Everyone I know in Europe are telling me the same thing. They have never seen anything like this. There is not only shock that 100,000+ have already died from the pandemic, but the Euro-zone economy as they know it has collapsed. EU leaders are talking about a $2 trillion stimulus. But many of these countries are already heavily in debt, and printing money is only going to aggravate the situation. And on top of everything else. The Covid-19 coronavirus pandemic is still ongoing with no signs that it will end.
