U.S. business activity hits fresh record lows amid coronavirus lockdowns [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
U.S. business activity hits fresh record lows amid coronavirus lockdowns WASHINGTON, April 23 (Reuters) - U.S. business activity plumbed new record lows in April as the novel coronavirus severely disrupted manufacturing and services industry production, pushing the economy into uncharted waters. Data firm IHS Markit said on Thursday its flash U.S. Composite Output Index, which tracks the manufacturing and services sectors, plunged to a reading of 27.4 this month. That was lowest since the series began in late-2009 and followed a final reading of 40.9 in March. A reading below 50 indicates a contraction in private sector output. States and local governments have issued “stay-at-home” or “shelter-in-place” orders affecting more than 90% of Americans to control the spread of COVID-19, the potentially lethal respiratory illness caused by the virus, and abruptly halting economic activity. Since March 21, more than 22 million people have filed for unemployment benefits. “The COVID-19 outbre
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