Yesterday Markit Economics published their PMI for the services sector and if the record lows are not attention grabbing enough, the data also show that suppliers are acting quickly to offset plummeting demand.
The eurozone PMI slumped to 39,2 in February (from 42,2 in January) as the composite employment submeasure hit a survey low of 40,8. While this will place additional strain on already tight government budgets (a great overview of the state of the European deficits is available here); it also shows that the window of opportunity for sourcing services is closing rapidly.
It’s been said numerous times in the last few months, but it is definitely time for action.
