Singapore PMI Sinks To Record Low 33.3 In March - IHS Markit

  • Singapore PMI Sinks To Record Low 33.3 In March - IHS Markit

Singapore PMI Sinks To Record Low 33.3 In March - IHS Markit

German services firms shed staff at the fastest rate in nearly 23 years in March, a survey showed on Friday, giving a glimpse of the damage done to the job market as businesses close to limit the spread of coronavirus.

Russia's Services PMI is an index which indicates upwards or downwards trends in various manufacturing and service-related sectors of the economy.

The index posted 34.5 in March, down from 53.2 in February.

Data for the survey was taken between 12 and 27 March, covering the period after Prime Minister Boris Johnson ordered the shutdown. A reading above 50 indicates an expansion in activity, while a reading below 50 suggests a contraction.

People were told to stay home unless they were exercising, shopping for essentials or doing essential work that could not be done from home.

Only a fool would have been surprised by the entirely predictable collapse in IHS Markit's purchasing manager index survey, which all but confirms the United Kingdom is on course for its first recession since 2009.

Tim Moore, economics director at IHS Markit, said: "There were numerous reports from survey respondents that placing staff on furlough had helped to mitigate more widespread job losses in March".

Employment fell at the fastest rate since January 2016 as firms shed staff.

IHS Markit said its monthly measure of services and manufacturing points to an annualized economic contraction of about 10%.

According to the company's statement, Russian firms involved in the service sector demonstrated a significant decrease in business activity in March, turning away from "a moderate expansion" in February.

With the coronavirus outbreak still wreaking havoc across markets and economies worldwide, the outlook remained negative.