manufacturing PMIs

PMIs plummets

March ‘Flash’ PMIs Dips Into Unchartered Waters

The Covid-19 outbreak leds to the steepest decline in business activity ever recorded in the Eurozone: it plummeted to 31.4 in March against 51.6 in February, a record low since July 1998. Even though manufacturing PMIs fell less than expected, they could have been inflated, once again, by longer supplier delivery times due to supply chain disruptions and thus send an overly optimistic signal, Susan Soho, economist at Julis Baer, explains. Moreover, they are likely to fall further in the coming month, as lockdown measures intensify.