LONDON – A closely watched survey of economic activity across the 19-country eurozone suggests that the single currency bloc is contracting at a quarterly rate of 7.5% as a result of the lockdowns put in place by governments to get a grip on the coronavirus pandemic.
Financial information firm IHS Markit said Thursday that its purchasing managers' index for the eurozone — a broad gauge of economic activity — plummeted to an all-time low of 13.5 points in April from the previous record low of 29.7 in March.
The firm has been compiling data for more than 20 years. Anything below 50 indicates a contraction in activity, with a lower number indicating a sharper drop.
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