U.S. manufacturing output dropped by the most since 1946 in March as the novel coronavirus pandemic fractured supply chains, suggesting business ...
WASHINGTON: U.S. manufacturing output dropped by the most in just over 74 years in March as the novel coronavirus pandemic fractured supply chains, suggesting business investment contracted further in the first quarter.
In addition to disrupting global supply chains, the highly contagious virus, which causes a respiratory illness called COVID-19, has depressed demand for crude oil, undercutting spending by oil producers on drilling and shaft exploration equipment. Business investment has contracted for three straight quarters, the longest such stretch since the Great Recession. That downturn appears to have deepened in the first quarter.Motor vehicles and parts production tumbled 28.0per cent last month.
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