UK: services smashed by Mar-20 shutdown
- The UK services PMI crashed 18.7 points to 34.5, which was 1.2-points below the flash as costs mounted. That implies a 4% quarterly fall in output, although the unprecedented cause of the shock may invalidate conventional tracking.- As policy prevented increasing amount of economic activity through March, more of the pain should be felt in April and Q2 overall. I still expect a rebound from June as activities become permitted again, although the level is permanently hit.
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