Eurozone economy took record hit in March: IHS Markit

Italy’s Economy Suffering Record Blow Amid Mass Shutdown

"While employment is not yet falling as fast as seen during the financial crisis, the coming months will no doubt see jobless numbers rise sharply".

The one scant consolation is that countries like Spain - in lockdown for longer - are suffering even worse.

Sterling slid 1.1% against the dollar (GBPUSD=X) to below $1.23 at around midday on Friday.

The freefall brought the index to its lowest level since the survey began in 1998 and took it far below the 50 point threshold between an expansion and a contraction in business.

"The Italian services sector was hit substantially by the COVID-19 pandemic in March, with the Business Activity Index dropping by almost 35 points and signalling the most marked decline in services output since the survey began in January 1998".

- Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence. Its index sank to 34.5 from February's 53.2, and was also weaker than the March flash reading of 35.7.

Liverpool challenged by Spirit of Shankly fan group over staff furlough
It is believed that Champions League spots would be chosen according to last season's Premier League table. These discussions are complex and as a result the process is ongoing".

Duncan Brock, group director at the Chartered Institute of Procurement & Supply, said: "The services sector was sucked into a black hole and flung into the unknown by the forceful impact of the COVID-19 coronavirus". Service providers drove the overall downturn, although both sectors reported record declines in output.

"However, employment levels across the service sector still dropped at the fastest pace for more than a decade, reflecting some forced redundancies and the non-replacement of departing staff amid widespread hiring freezes".

High streets lie empty as businesses face a "beyond grim" outlook amid the coronavirus pandemic.

Britain's government has said it will pay 80 per cent of the wages of workers who are furloughed by companies.

However, nearly a million people have already applied for unemployment benefits in the past two weeks alone despite the support package. This reportedly reflects the sharpest decline in output in 11 years.

The Federation of Small Businesses and the Corporate Finance Network this week has warned that millions of firms could collapse in weeks without a cash infusion.

Related News:

  • Google Releases User Location Data Showing Affects of Social Distancing

    Google Releases User Location Data Showing Affects of Social Distancing

    To maintain privacy, Google says it will only base the reports on users who have opted in to sharing their location history . In most cases, the data is shown for the entire nation, although in some, we also get data for specific regions.
    Local doctors begin COVID-19 drug trials

    Local doctors begin COVID-19 drug trials

    However, they acknowledged that limited resources could make monitoring a challenge. "India is giving it serious consideration". Trump has been tested twice for the coronavirus , according to the White House, and both times the results were negative.
    Here's why the April super Pink Moon is so special

    Here's why the April super Pink Moon is so special

    If you're like, "Wait, I don't even fully understand what a full moon is", allow the AstroTwins to shed some light on the subject. The first supermoon was the "Blood Wolf Super Moon" on January 21 and the third will take place on March 21.
  • Patriots Deliver 300K Masks To NYC To Relieve Coronaviruses

    Patriots Deliver 300K Masks To NYC To Relieve Coronaviruses

    The NFL team said on Thursday it would send 1.4 million of the masks to hospitals in MA , with the remaining ones going to NY . The team trucks are also being used to send the masks wherever in MA it is needed.
    Payrolls fell by 701,000 in March, first jobs decline since 2010

    Payrolls fell by 701,000 in March, first jobs decline since 2010

    Economists surveyed by Dow Jones had been looking for a payroll decline of 10,000 and for the unemployment rate to rise to 3.7%. Professional and business services also decreased by 52,000 jobs, with the decline primarily seen in temporary help services.

    President Trump meets with NFL, hopes to have football on time

    The U.S. government said would be deploying thousands of military personnel to states to help deal with the coronavirus epidemic. Andrew Cuomo has already stressed that hospitals in the city have just a few days left before they will run out of ventilators.
  • Entire country ordered to wear masks

    Entire country ordered to wear masks

    He also said the federal government has leased a warehouse in China to help collect and distribute equipment in a timely manner. Over 102,000 cases were tallied in the state as of Friday evening local time, more than the total cases recorded in Germany.
    Apple owns AI-Startup Voysis to make Siri more coherent

    Apple owns AI-Startup Voysis to make Siri more coherent

    Located in Dublin, Ireland, the outfit offers a platform that allows a digital assistant to better understand the human language. For many reasons, such a thing is due because Apple's foothold in security and privacy, according to some reports .
    Romans-sur-Isère: Two killed and others wounded in France knife attack

    Romans-sur-Isère: Two killed and others wounded in France knife attack

    Prosecutors did not identify him. "At this moment, my thoughts go to them", he further said. The victims were out food shopping on a street lined with shops, authorities said.
  • Drake honors Kobe in new music video

    Drake honors Kobe in new music video

    Drake is arguably the biggest artist in the world which means whatever he does, it ends up going viral. Taking fans to a virtual tour to his $100M crib , Drake dances around for the OZ-produced track.
    Tiger at zoo in New York tests positive for coronavirus

    Tiger at zoo in New York tests positive for coronavirus

    Health experts said the coronavirus outbreaks around the world have been driven by person-to-person transmission . The WCS said it has now put in place measures to protect cats from the infection at all of its zoos.
    Based ResMed Inc. covered in order for ventilators

    Based ResMed Inc. covered in order for ventilators

    As Ronan put it, 'We are net importing [respirators] into the USA , and we've been telling the administration for days and days'. This activity is unethical and illegal.

Most liked

Arsenal target open to Premier League switch
And, as outlined above, one individual who is very much of the opinion that Arsenal should attempt to move Ozil on as soon as possible is Andrey Arshavin.

COVID-19: Coronavirus cases to hit 1 million within few days
He further said that many developing countries may struggle to implement social welfare programs upto this scale. Africa has seen a rapid rise in COVID-19 cases since the continent's first case was reported in mid-February.

30% of Americans hospitalized with COVID-19 have underlying conditions — CDC
For example, a 26-year old man from Guangdong China had close contact with a person from Wuhan who was infected with the virus. They visited a local church the same day and had symptom onset on January 22 (patient A1) and January 24 (patient A2).

Coronavirus pandemic: 56-year-old COVID-19 positive patient from Dharavi dies
In India, the total number of positive cases has risen to 1965 on Thursday and the death toll from the deadly virus reached 50. Mumbai has recorded over 180 coronavirus cases and about a dozen deaths of COVID-19 patients so far.

Tom Brady Moving Into Derek Jeter's Tampa Mansion
The phrase was coined by John Spytek, the Bucs' player personnel director and Brady's former MI teammate. Tom Brady is no longer a member of the New England Patriots and no, hell has not frozen over.

NYC Mayor Says U.S. Is Unprepared for Coming Hospital Surge
NY state tallied its biggest daily jump yet in deaths - up 562 to 2,935. "In many cases, scarves are better". New Jersey, the second most impacted state in the USA , has about 30,000 COVID-19 cases.

Carrie Symonds, Boris Johnson's fiancée, 'on the mend' from coronavirus
Johnson himself has been confined to Downing Street since testing positive on March 27, after suffering mild symptoms. The UK has confirmed 41,903 cases of coronavirus and nearly 4,313 people were died because of this novel virus.

Trudeau to speak with Trump over mask export ban
As of Saturday afternoon, there were more than 13,000 confirmed and presumptive cases of COVID-19 in Canada and 231 deaths. President Trump. "We're not taking a look at retaliatory measures or measures which can be punitive, " Trudeau stated.

Trump is 'decapitating' intelligence leadership amid crisis, senior Democrat says
US President Donald Trump said that 1000 military personnel are deploying to New York City amid the novel coronavirus outbreak. The intelligence community, which Trump has always viewed with skepticism, has been in turmoil amid the constant turnover.

CDC recommends everyone wear face masks in public
CDC has recommended that Americans wear basic cloth or fabric masks that can be either purchased online or simply made at home. There has been much debate about the effectiveness of the masks ever since the outbreak of coronavirus .

Coronavirus crisis: Queen Elizabeth to praise Brits’ ‘good-humoured resolve’ amid pandemic
The Sunday People can reveal for the first time the mammoth undertaking needed to facilitate the Queen's unprecedented statement. Buckingham Palace previously said the Queen last saw her son, the heir to the throne, on 12 March, and was "in good health".

'Oldest coronavirus survivor' celebrates his 104th birthday
Lapschies was among the first of 15 residents to test positive for COVID-19 on March 11, nearly a week after developing symptoms. Dr Richardson said he was determined to make sure the WWII veteran survived to see his 104th birthday.

Amazon plans to delay Prime Day due to COVID-19
The company has been working to open additional data centers in Ireland for its cloud unit Amazon Web Services (AWS). The nature of Amazon's conversations with the test makers and the exact assistance they might offer were unclear.

President Trump wants fans back in arenas, stadiums by August or September
Trump later expanded on the statement in a news conference, saying the sports leagues "want to get back". Louisiana officials have said New Orleans is on track to run out of ventilators by next week.

Cruise ship struck by coronavirus
Princess Cruises has confirmed that Coral Princess has 12 cases of COVID-19 and hoping to dock in Fort Lauderdale, Florida. It said as of Saturday there are 114 cruise ships, carrying 93,000 crew members, either in or near U.S. ports and waters.