The Institute for Supply Management, an association of supply managers, reported today that its industrial index slipped to 49.1 points last month after hitting 50.1 points in February. A level below 50 points means shrinkage.
Economists expected a bigger downgrade in the index.
The coronavirus pandemic and quarantines, travel restrictions and company closures imposed to stop its spread have hit global industrial producers extremely hard as supply chains were disrupted and demand for their production collapsed. However, services such as restaurants and hotels are even more affected.
According to the institute's survey, new orders, export, production and hiring orders declined at American plants last month
U.S. industrial production slumped in March because of the virus
American industrial production declined in March because of the economic effects of the coronavirus, the Associated Press and BTA reported.tags:
China takes various measures to restore production
Administrator • 2020-03-17 10:30:17
Volkswagen halts production over coronavirus pandemic
Administrator • 2020-03-18 02:30:17
Fendt stops production of tractors
Administrator • 2020-03-28 13:30:04