Source: Business Insider
The IHS Markit purchasing managers’ index fell 3.7 points to 49.6 on Friday. The index measures composite output at factories and service providers. Any reading below 50 signals a contraction. Friday’s PMI marks the first contraction in US business activity since 2013. The deterioration in PMI “was in part linked to the coronavirus outbreak, manifesting itself in weakened demand across sectors such as travel and tourism, as well as via falling exports and supply chain disruptions,” said IHS Markit economist Chris Williamson in a statement. Read more on Business Insider. Business activity in the US contracted for the first time in seven years as the spread of coronavirus weighed on manufacturing and service companies. The IHS Markit purchasing managers’ index fell 3.7 points to 49.6 on Friday, slipping below the key 50-point mark that signals a contraction. The last time the index, which measures composite output at factories and service providers, fell below 50 was in October 2013 in the midst of a US government shutdown.