Germany PMI Manufacturing dropped to 34.4 in April, down from 45.4, a 133-month low. PMI services dropped to 15.9, down from 31.7, record low. PMI Composite dropped to 17.1, down from 35.0, also a record low.
Phil Smith, Principal Economist at IHS Markit said: “The headline PMI’s reading of 17.1 paints a shocking picture of the pandemic’s impact on businesses. “Service providers bore the initial brunt of the virus containment measures, but the collapse in demand and supply constraints have caught up with manufacturers, who are now also recording an unpreceded drop in output. “The short-term work scheme is having the desired effect of curbing job losses, with employment falling much less than output during April. Still, redundancies and contract cancellations have led to a record drop in workforce numbers as firms look to cut costs and position themselves for a hard slog in the months ahead.”
