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India’s most advanced sector, the service sector that provides job opportunities and heavily contributes to economic growth, declined in March. Such inactivity was brought by insufficiency in export demand and new business due to the coronavirus contagion which had already caused worldwide disruptions.
March records have it that the Nikkei/IHS Markit Services Purchasing Manager’s Index INPMIS=ECI sunk down to a five-month low of 49.3. The index declined after reaching a record-breaking high of 57.5 in February. Currently, it sits below the 50-mark line that divides growh from contraction.
India’s Prime Minister Narendra Modi mandated the people of India to follow quarantine regulations such as staying at home and shutting down businesses which provide non-essential products. The said shutdown is set to run for 21 days starting March 25 to contain further spread of the virus.
This indicated that April’s records will bear worse results as the possibility of global recession is supported by economic paralysis due to the coronavirus contagion.
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
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