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March’s ISM manufacturing index is 49.1, signaling contraction as coronavirus hits economy – CNBC

U.S. producing exercise contracted in March as the coronavirus outbreak proceeds to force the economic system, info unveiled Wednesday by the Institute for Supply Management showed. 

The ISM production index fell to 49.one very last thirty day period from fifty.one in February. Action was driven down by a steep decrease in new orders and manufacturing, the info showed. Costs within the sector also contracted. 

“The coronavirus pandemic and shocks in international electricity marketplaces have impacted all producing sectors,” mentioned Timothy Fiore, chair of the Institute for Provide Management, in a statement. 

A lot more than 800,000 instances of coronavirus have been confirmed around the entire world, according to Johns Hopkins College. The U.S. is the nation with the most confirmed instances, with more than 189,000.

Shares have tumbled into a bear current market amid the outbreak, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all trading much more than 20% underneath document highs established on February. The key averages fell once again on Wednesday as investors digested feedback from President Donald Trump, who reported Tuesday the up coming two weeks will be “rough” for the country. 

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