‘Beyond Grim’: Europe’s Services Sector Disappears Into ‘Black Hole’ Leaving Economists Speechless

It seems almost gratuitous at this point, but because it offers a glimpse of what's in store for the world's largest economy, documenting the numbers across the pond is obligatory. The final print on the services PMI for Italy in March was 17.4. That represents a 5-handle drop from the flash read which was already shockingly bad. In total, the MoM drop from February is an unthinkable ~35 points. If you'd be inclined to say this is understandable considering what amounts to a nationwide ban on