Michael Roberts:
“What a shocking day on the data front.
The US private sector fired over 20m workers from their jobs in April, according to the ADP survey. That was the biggest decline ever in employment. SEE GRAPH 2
The European Commission forecast that Eurozone GDP would shrink by 7.7 percent this year. Italy and Spain are seen posting the steepest contraction rates, with the GDP falling by 9.5 and 9.4 percent respectively. France’s economy is forecast to shrink 8.2 percent, while Germany’s GDP will probably drop by 6.5 percent.
https://ec.europa.eu/…/eco…/spring-2020-economic-forecast_en
Spain’s Services PMI slid to 7.1 in April of 2020 from 23 in the previous month, a fresh record contraction.
Italy’s Services PMI declined to 10.8 in April of 2020 from 17.4 in the previous month, also a new record contraction.
German new manufacturing orders tumbled 15.6 percent month-over-month in March of 2020, This was the steepest decline in factory orders since at least 1991.
Outside the G7, Brazil’s services sector activity joined others in plunging to 27.4 in April 2020 from 34.5 in the previous month. Again,the steepest contraction in the services sector since series began.
And India’s Services PMI tumbled to a staggering 5.4 in April 2020 from 49.3 in the previous month,,the steepest month of contraction since the series began over 14 years ago. SEE GRAPH 1″
From Michael Roberts Blog on Facebook
