European business activity hits yet another record low amid coronavirus

Euro zone business activity hit another record low during April in another sign that the coronavirus is severely impacting the economy across the region.

The IHS Markit Purchasing Managers’ Index, which measures both the services industry and manufacturing, dropped to 13.5 in April, according to the preliminary data.

In March, the same index had already recorded its biggest ever single monthly drop to 29.7. A contraction in PMI numbers — a figure below 50 — indicates a likely fall in economic growth overall.

Euro zone countries have been some of the hardest hit by the virus, with Italy, Spain, France and Germany among the top five nations worldwide with the highest number of infections.