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'Unprecedented collapse' for eurozone businesses

AFP  |  Brussels 

Businesses in the eurozone suffered "an unprecedented collapse" this month because of the novel coronavirus pandemic, according to a closely watched indicator released Tuesday by IHS Markit.

Provisional data showed that the slump in activity in the 19-nation zone in March was "far exceeding that seen even at the height of the global financial crisis," with the company's PMI survey diving to 31.4 for the month.

A reading below 50 points indicates a contraction. In February, the index had stood at 51.6. The latest reading is the lowest since IHS Markit started its PMI survey in 1998.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 15:30 IST