U.S. factory activity contracts in March; orders tumble to 11-year low: ISM
Source: Reuters
BUSINESS NEWS APRIL 1, 2020 / 10:15 AM / UPDATED 7 HOURS AGO
U.S. factory activity contracts in March; orders tumble to 11-year low: ISM
WASHINGTON (Reuters) - U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.
The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity fell to a reading of 49.1 last month from 50.1 in February. Economists polled by Reuters had forecast the index dropping to 45.0 in March.
A reading below 50 indicates contraction in the manufacturing sector, which accounts for 11% of the U.S. economy. The smaller-than-expected drop in the ISM index reflected a rise in the survey’s measure of supplier deliveries to a reading of 65.0 this month from 57.3 in February.
A lengthening in suppliers’ delivery time is normally associated with increased activity, which would be a positive contribution. In this case, however, slower supplier deliveries indicate supply shortages rather than stronger demand.
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Read more: https://www.reuters.com/article/us-usa-economy-manufacturing/us-factory-activity-contracts-in-march-orders-tumble-to-11-year-low-ism-idUSKBN21J5S5
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Only a few weeks and they shot the whole wad, Fed tricks and all.
What a despicable back of thugs!
