U.S. factory production and employment fell sharply in March amid the coronavirus crisis, a new survey finds. New orders hit their lowest level in 11 years.
also suffered. And now that the virus is spreading rapidly in the U.S., domestic manufacturing operations are also feeling the squeeze.altogether, in an effort to protect workers. Other factories continue to operate, but"social distancing" can pose challenges in a factory environment. One machine shop operator reported a 30% drop in productivity.
"The coronavirus pandemic and shocks in global energy markets have impacted all manufacturing sectors," said Timothy Fiore, chairman of the ISM's Manufacturing Business Survey Committee. With tens of millions of Americans under orders to stay home, demand for big-ticket items has suffered. Factories that supply the hospitality industry are also hurting. And the steep drop in oil prices is cutting demand for manufactured pumps and pipelines used by energy producers."We are experiencing a record number of orders due to COVID-19," one manager in the food and beverage industry reported.
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