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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI dropped in April
In the UK, the construction PMI recorded a drop to a level of 8.20 in April, compared to a reading of 39.30 in the prior month. Markets were anticipating the construction PMI to ease to 22.00.
European Commission forecasts recession of historic proportions for 2020
The European Commission, in its Spring 2020 Economic Forecast, has predicted the region’s economy to witness a recession of historic proportions this year due to the impact of the coronavirus with a drop in output of nearly 7.5%, before growing by about 6% in 2021.
Euro-zone services PMI declined in April
In the Euro-zone, the final services PMI fell to a level of 12.00 in April, compared to a level of 26.40 in the previous month. Markets were anticipating services PMI to drop to 11.70.
Euro-zone retail sales fell in March
In the Euro-zone, the seasonally adjusted retail sales dropped 11.20% on a MoM basis in March, compared to a revised advance of 0.60% in the previous month. Market expectations were for retail sales to fall 8.00%.
German factory orders dropped in March
In Germany, the seasonally adjusted factory orders registered a drop of 15.60% on a MoM basis in March, compared to a revised drop of 1.20% in the prior month.
US private sector employment fell in April
In the US, the private sector employment registered a drop of 20236.00K in April, compared to a revised decline of 149.00K jobs in the previous month. Markets were expecting private sector employment to record a decline of 20050.00K.
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