How does the March PMI reading compare to the global financial crisis?

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March Eurozone PMI Reading Significantly Worse Than Global Financial Crisis

The eurozone's Purchasing Managers' Index (PMI) in March experienced an unprecedented collapse due to the coronavirus pandemic, with the slump in activity far exceeding that seen during the height of the global financial crisis. The provisional PMI survey data for March plunged to 31.4, the lowest since IHS Markit began its survey in 1998, a stark contrast to the 51.6 recorded in February. This downturn reflects a near-shutdown of the eurozone economies as COVID-19 spread across Europe.
Services Sector Impact Exceeds 2009 Levels

The services sector bore the brunt of the economic downturn, sliding to levels significantly below those recorded during the 2009 global financial crisis. This indicates a severe contraction in service-based industries across the eurozone. Manufacturing was also negatively affected, with supply chains experiencing degradation and a record fall in export business as cross-border trade flows seized up.
Fastest Rate of Job Losses Since Mid-2009

In line with the broader economic contraction, employee layoffs are occurring at the fastest rate since June 2009. This reflects the severe pressure businesses are under, forcing widespread reductions in workforce. Expectations for future output have also deteriorated markedly, reaching an all-time low with record levels of pessimism regarding the year ahead.
GDP Decline Potentially Matches Global Financial Crisis Peak

Economic analysis firm Capital Economics suggested that the eurozone's Gross Domestic Product (GDP) for the first quarter of 2020 could plunge by at least three percent compared to the previous quarter. This projected decline would be similar in magnitude to the sharpest quarterly GDP fall experienced during the global financial crisis, highlighting the severity of the current economic shock.

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How does the March PMI reading compare to the global financial crisis?

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