The business journalist stated the contraction in the economy is off the scale following the release of the PMI’s flash figures. Mr King stated these figures have been published for a quarter of a century and that they have never been this bad on record.
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Mr King said: “This is a picture of an economy that is essentially on its knees.
“The PMI is a survey of business activity that happens every month.
“It is based on questionnaires that are sent out to managers in the economy.
“It questions them on things like their order book, what is happening to pricing, what is happening to hiring levels and so on.
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Ian King stated that the economy was on its knees (Image: Sky News)
Ian King is Sky News senior business journalist (Image: Sky News)
“They are compiled across three sectors, services, construction and manufacturing.
“What we have had out today are known as the flash figures which are based on 85 percent of responses rather than all responses.”
He continued “It is data that was carried out between April 7 and April 21.
“Anything above 50 represents growth.
“Anything below 50 is contraction.
“You can see the charts there, it is absolutely off the scale.
“The number 12,9 is the April number, down from 36 in March.
“This is absolutely unheard of.
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“I have never seen anything like this.
“These numbers have been published for a quarter of a century, nothing has ever been this bad before.”
Worldwide there have been more than 2,600,000 COVID-19 cases.
The death toll has reached more than 185,000 at the time of writing.