U.S. manufacturing contracts further in April: IHS Markit [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
U.S. manufacturing contracts further in April: IHS Markit WASHINGTON (Reuters) - The U.S. manufacturing sector’s contraction accelerated in April, with activity sinking to an 11-year low as strict measures to slow the spread of the novel coronavirus weighed on demand and fractured supply chains, a survey confirmed on Friday. Data firm IHS Markit said its final U.S. manufacturing Purchasing Managers’ Index dropped to a reading of 36.1 last month, the lowest reading since March 2009. That was a downward revision from the ‘flash’ figure of 36.9 reported last week and lower than 48.5 published in March. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 11% of economic activity. IHS Markit said the deterioration in factory activity was “overwhelmingly” linked to lockdowns by state and local authorities to control the spread of COVID-19, the respiratory illness caused by the coronavirus. The survey’s measure of new orders received by factories tumb
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