WASHINGTON: US manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders ...
WASHINGTON: US 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.
A reading below 50 indicates contraction in the manufacturing sector, which accounts for 11 per cent of the US economy. Economists polled by Reuters had forecast the index would drop to 45.0 in March.The smaller-than-expected drop in the ISM index reflected a jump in the survey's measure of supplier deliveries to a reading of 65.0 this month from 57.3 in February.
The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with nearly 188,000 people infected. Almost 4,000 people in the country have died from the illness, according to a Reuters tally. "Looking ahead, the timing and strength of the recovery is highly uncertain so long as major parts of the domestic economy are on virtual lockdown and external demand remains in the doldrums," said Oren Klachkin, lead economist at Oxford Economics in New York.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US manufacturing contracts; private payrolls post first drop since 2017U.S. private payrolls dropped in March for the first time in 2-1/2 years, likely as businesses shut down in compliance with strict measures by ...
Read more »
US pension funds may pour US$400 billion into stocks, lifting virus-hit markets -JP MorganU.S. pension funds that delayed rebalancing their portfolios are likely to pump about US$400 billion into stocks over the next two quarters, ...
Read more »
JPMorgan plans to raise up to US$10 billion for alternative investments: Bloomberg NewsJPMorgan Chase & Co's alternative investments unit is seeking to raise up to US$10 billion to boost its spending power in the face of the ...
Read more »
Kohl's extends store closure, draws down US$1 billion credit facility amid coronavirus outbreakKohl's Corp said on Monday it would extend the duration of store closure, and fully draw down on its US$1 billion revolving credit facility to ...
Read more »
Wall St. gains as US extends shutdown to limit virus spreadU.S. stocks rose on Monday as President Donald Trump followed last week's massive fiscal stimulus package by extending his stay-at-home ...
Read more »
US judge grants early release to Brazilian in FIFA corruption scandalA federal judge in New York on Monday granted the release from prison on humanitarian grounds of an 87-year-old former senior Brazilian football ...
Read more »