{"id":570319,"date":"2020-03-26T04:11:50","date_gmt":"2020-03-26T04:11:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/business-activity-in-us-europe-sucker-punched-as-manufacturing-and-services-suffer-record-blow\/"},"modified":"2020-03-26T04:11:50","modified_gmt":"2020-03-26T04:11:50","slug":"business-activity-in-us-europe-sucker-punched-as-manufacturing-and-services-suffer-record-blow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/business-activity-in-us-europe-sucker-punched-as-manufacturing-and-services-suffer-record-blow\/","title":{"rendered":"Business activity in US, Europe sucker punched as manufacturing and services suffer record blow"},"content":{"rendered":"

<\/a> Business activity in US, Europe sucker punched as manufacturing and services suffer <\/strong>record blow:<\/strong> Business activity has hit record lows in the US and Europe, according to preliminary IHS Markit composite PMIs, an early indicator of the damage wrought by the covid-19 pandemic on developed economies. Readings for the US, Europe and the UK all plunged to the lowest levels since records began in the 1990s: the US fell from 49.6 in February to 40.5 in March, the eurozone plummeted from 51.6 to 31.4 and the UK saw a stunning 16-point drop to 37.1. A reading below 50 indicates that business activity is contracting, with a majority of surveyed businesses reporting a decline in economic conditions. \u201cWe already had a nightmare fear and we wake up and the nightmare is unfortunately real,\u201d said Torsten Slok<\/a>, chief economist at Deutsche Bank Securities. \u201cThese numbers are just telling you how incredibly severe and serious this is, for the US and for Europe.\u201d<\/p>\n

The services sector in the eurozone is collapsing, <\/strong>falling to just 24 points from 52.6 in February, far surpassing the previous record low of 39.2 set in February 2009. New business fell at the sharpest rate ever while demand for goods sunk to the lowest level since April 2009. Read the full PMI release here (pdf)<\/a>.<\/p>\n

US output is falling at the fastest rate in more than a decade,<\/strong> driven by a collapse in new business. Respondents said they expected this level of output to continue for the next 12 months, indicating that hopes for a V-shaped recovery could prove unrealistic. All of this suggests that the US could see GDP fall by around 5% at an annualized rate, said Chris Williamson, chief business economist at IHS Markit. Read the full PMI release here (pdf)<\/a>.<\/p>\n

And this isn\u2019t the worst of it:<\/strong> Responses for the flash PMIs were collected during the middle of this month before many of the most stringent measures to contain the virus were taken. This means that March\u2019s final PMI data is likely to be even worse than the preliminary results released yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Business activity in US, Europe sucker punched as manufacturing and services suffer record blow: Business activity has hit record lows in the US and Europe, according to preliminary IHS Markit composite PMIs, an early indicator of the damage wrought by the covid-19 pandemic on developed economies. Readings for the US, Europe and the UK all […]<\/p>\n","protected":false},"author":1,"featured_media":570320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[107,104,72,7192,348,131,185,1510,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covid-19","tag-economy","tag-enterpriseam","tag-eu","tag-gdp","tag-manufacturing","tag-pmi","tag-the-macro-picture","tag-us","wpautop","entry"],"acf":{"mongo_id":"510cdbee-e8aa-4714-aecc-622f3e17cb12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/307.jpg","photo_position":"above","related_issue":[570303],"teaser":"","voice_url":""},"yoast_head":"\nBusiness activity in US, Europe sucker punched as manufacturing and services suffer record blow - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/business-activity-in-us-europe-sucker-punched-as-manufacturing-and-services-suffer-record-blow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business activity in US, Europe sucker punched as manufacturing and services suffer record blow\" \/>\n<meta property=\"og:description\" content=\"Business activity in US, Europe sucker punched as manufacturing and services suffer record blow: Business activity has hit record lows in the US and Europe, according to preliminary IHS Markit composite PMIs, an early indicator of the damage wrought by the covid-19 pandemic on developed economies. 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continues to suffer","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Pandemic restrictions on workers threaten a supply-chain collapse: Travel restrictions and contradictory testing and vaccine mandates have put a huge strain on transport workers, according to a coalition of transport companies representing over 65 mn workers worldwide. In an open letter to delegates at the UN General Assembly in New\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546341,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/","url_meta":{"origin":570319,"position":2},"title":"Remittances from Egyptians abroad to grow 8% in 2022, says World Bank","author":"enterpriseam admin","date":"12 May 2022","format":false,"excerpt":"It\u2019s not all dim on the macro front: Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank\u2019s latest forecast (pdf). The lender says that flows will pick up due to an \u201caltruistic\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543506,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/a-break-from-the-record-breaking-tallies-european-support-for-vaccine-manufacturing-exports\/","url_meta":{"origin":570319,"position":3},"title":"A break from the record-breaking tallies + European support for vaccine manufacturing, exports?","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Our record-breaking streak is over \u2014 for now: The Health Ministry reported 2,278 new covid-19 infections yesterday, down marginally from 2,291 the day before. Egypt has now disclosed a total of 430,480 confirmed cases of covid-19. The ministry also reported 52 new deaths, bringing the country\u2019s total death toll to\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598434,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/","url_meta":{"origin":570319,"position":4},"title":"EM PMIs best developed economies for first time since 2013","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"Emerging markets have pulled ahead of advanced economies for the first time since 2013 on the latest purchasing managers\u2019 indices (PMI) for services and manufacturing, the Financial Times reports. After a bumpy year, emerging markets\u2019 aggregate reading for the two indices comes in at 52.4 for EMs, suggesting that annual\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575303,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/arafa-holdings-uk-subsidiary-signs-license-agreement-with-ted-baker\/","url_meta":{"origin":570319,"position":5},"title":"Arafa Holding\u2019s UK subsidiary signs license agreement with Ted Baker","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"Arafa Holding\u2019s UK subsidiary Baird Group has signed a license agreement with British luxury clothing company Ted Baker to manufacture and distribute menswear for three years in the UK, Europe and other markets, the company said in an EGX filing (pdf). Baird Group, which operates in 48 retail stores and\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570319"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570319\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570320"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570319"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570319"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}