US manufacturing sector activity declines in March
United States manufacturing Purchasing Managers’ Index (PMI) stood at 48.5 in March, representing a decrease of 0.7 index points compared to the “flash” figure and 2.2 index points lower from the previous month’s number, according to the report published by the IHS Markit on Wednesday.
The overall decline in the sector was the steepest since August 2009, the report noted. Output, new orders and employment all dropped at the fastest pace in more than 10 years due to the coronavirus outbreak, while business confidence fell to the lowest level since the series came out in 2012.
“Growing numbers of company closures and lockdowns as the nation fights the COVID-19 outbreak mean business levels have collapsed. While some producers reported being busier as a result of stockpiling and anti-virus activities, notably in the food and healthcare sectors, these are very much the minority, and most sectors reported a rapid deterioration in demand and production,” Chief Business Economist at IHS Markit Chris Williamson said.
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