Eurozone: PMIs dropped more dramatically than during the financial crisis – Nordea

Euro-area PMIs confirmed that the coronavirus-driven shutdowns are causing unprecedented declines in production levels, analysts at Nordea report.

Key quotes

“The Euro-area PMIs dropped more dramatically than during the financial crisis. The biggest decline was seen in the service sector which dropped to an all-time low of 28.4.”

“Although the decline was slightly less dramatic in manufacturing, the composite index declined to 31.4 – clearly below the 36.2 reported in 2009. Compared to the financial crisis, the decline in the PMIs was much steeper.”

“Germany’s PMIs plummeted across the board. The services PMI posted the biggest loss going down to a record low level of 34.5. The manufacturing PMI dropped less dramatically, to 45.7.” 

“In France, the flash PMI on services went down to an all-time low of 29, while the decline in manufacturing sent the composite index to 30.2.”