Posted on 04/23/2020 4:59:27 AM PDT by MeneMeneTekelUpharsin
London (CNN Business)Economists and investors had been bracing for dismal economic data for this month. But the latest readings of the closely-watched Purchasing Managers' Index, which surveys senior executives at private sector companies, are gut-wrenchingly awful. The numbers: The eurozone composite PMI, which tracks activity in the manufacturing and services sectors, hit 13.5 in April, down from 29.7 in March — easily the worst reading since the survey started in 1998.
It's a sign of the extent to which Europe's economy has imploded as shutdowns to prevent the spread of the novel coronavirus hit citizens from Berlin to Paris and Amsterdam. The lowest reading during the global financial crisis was 36.2 in February 2009. Readings below 50 indicate that activity is shrinking. "Welcome to the house of horror," Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said in a note to clients.
(Excerpt) Read more at cnn.com ...
The leftists are perfectly happy to burn it all down as long as they can rule over the ashes.
It’s all worth it if Trump loses 2020. /the left
Actually, the depression we are entering was because of irrational virus fears. This article is just reporting the facts. We committed global economic suicide over a cold. It’s going to be a rough ride.
Yep. “I would rather rule in hell than serve in heaven.”
Milton... A paradise lost
Better to rule in hell than serve in heaven.
That’s their motto
I don’t see this as suicide, I think it more like after WWII - people get back to work and the economy will take off, it may be a rough lift off but everything is in place and folks have bills to pay and a new lease on life to celebrate.
Obviously, it would be great if it happens that way. I think it has already unraveled far too much to come back quickly - will take years.
many industries / market sectors will never return as they were. commercial real estate, retail malls, travel, tourism, airlines, cruise lines - and related supporting /feeder business - will all be (are being) absolutely crushed.
Even the Karens who imagined that they were safe are going to get hit with this second round of chinee bio-economic warfare.
I agree, and for once I don’t mind the economic gloom and doom. It is the only thing that will wake up the people.
State the factual inaccuracy in the article that they must be held accountable for. Otherwise-you are guilty of wanting to be propaganda in reverse.
Interesting take given your tagline...
If you haven't noticed, people WANT to get back to work. Industries WANT to get back to making money. Infrastructure hasn't been blown to pieces, as in WWII. Once there is faith in HCQ or remdesivir or anything else as a treatment or vaccine, the assembly lines and supply chains will be back to speed within days/weeks, not months/years. The ONLY real hurdle, aside from the new flu fears, is the backlog in the supply chain that has to be cleared out. Like a traffic jam, once the blockage is gone, it isn't cleared immediately, but it doesn't take long.
you’re missing an obvious point. anyone watch and believing CNN is hopeless anyway....
Thank you for that uplifting deconstruction. Makes so much sense.
ROFLMBO. Some folks take the Chicken Little role waaaaaay too seriously. You think people won't buy or rent houses? They'll all live under a bridge, and owners and landlords will simply be content to hold empty units for the long term? People don't want to travel anymore? Beaches aren't loved anymore? Cruises (which are typically booked months or years in advance) will be empty despite already being paid for? (Hint: every cruise line is still selling tickets for any cruise that sets sail after JUL 1... and people are still buying them.)
Retail malls were already on their way out, thanks to online shopping and delivery, so you don't get any points for getting that one correct. The new flu simply hastened their coming demise.
(Personally, I was tracking airfares pretty closely for the last two months, hoping to snag some bargains just before the prices came back up... but about 5 days ago, they jumped back to normal. I waited too long. Cruise fares, as far as I can tell, never wavered much. A ticket for any JUL cruise is still just about at the usual cost. I did get an $18 airfare from Chicago to Denver... $3 ticket and $15 in taxes and fees, actually... definitely fascinating, and worth the cost even if I don't use it. LOL)
people with no jobs do not spend money. people with no jobs can’t pay their bills. people who don’t get paid what they’re owed can’t pay their bills. rents, mortgages, car loans, credit cards, cell phone bills.........loans don’t get paid. banks fail. then there will be bail-ins (not bailouts). this is where the bank confiscates your money in exchange for worthless ‘equity’ in the bank. besides, it’s not your money. you didn’t deposit in the bank for safe-keeping. you lent it them. how far down the list of creditors do you think you are when the bank fails? 75 mutual funds in Europe have gated their funds. That means investors cannot get their money. coming to a MF near you. you think airlines can stay in business offering $15 airfare? w/o government welfare payments, they’d be out of business already. Boeing, GM, Ford....all heading for bankruptcy w/o handouts. lets talk in 6 months and see who’s right.
too late for that... capital markets are beyond F’d…. we have printed and will continue to print MASSIVE amounts of money... hyper inflation coming... this is going to be a very rough ride for years... many, many businesses will fail.
If even one person didn’t acquire flu-like symptoms, it was worth it.
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