Thursday, 03 Sep 2020 04:11 PM MYT
Last quarter the bloc’s economy contracted 12.1 per cent as lockdowns imposed to quell the spread of the novel coronavirus led to businesses being shuttered and citizens staying home, official data showed. It sank to 51.9 last month from July’s 54.9 - close to the 50-mark separating growth from contraction, albeit slightly better than an initial flash reading of 51.6. The services PMI fell to 50.5 from 54.7, better than its flash reading of 50.1.
Demand stuttered across the currency union, despite firms cutting prices, and headcount was reduced for a sixth month.
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