Business activity has crashed to record lows in the US and Europe, according to a closely watched survey, as the coronavirus pandemic fuels a global economic crisis, triggering steep declines in manufacturing and services.
The IHS Markit flash composite purchasing managers’ index has dropped to its lowest reading since the series began in the 1990s in the US, the eurozone and the UK, data published on Tuesday showed.
The US index fell from 49.6 in February to 40.5 in March, while in the eurozone the index slipped from 51.6 to 31.4, and in the UK it dropped from 53 to 37.1. A reading below 50 indicates the majority of businesses reported a deterioration compared with the previous month.
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