Eurozone flash services PMI drops to record low of 11.7 in April

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The IHS Markit flash for purchasing managers of euro area services in April slipped to a record low of 11.7 from 26.4 in March, while the manufacturing PMI fell to a low of 134 months at 33.6 versus 44.5. Economists according to FactSet expected a reading on the PMI of services 24 and 39.2 for manufacturing, on a scale where any reading below 50 indicates deteriorating conditions. The French services PMI fell to 10.4 in April from 27.4 in March, a record level, and the German services PMI fell to 15.9 from 31.7. The flash estimate is based on approximately 85% of the total responses to the PMI survey each month.

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