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U.S. Manufacturing Skids to 11-Year Low in April as Orders Sink: ISM
Friday, 1 May 2020 21:29 WIB | ECONOMY | Indeks manufaktur ASManufaktur AS

U.S. manufacturing activity plunged to an 11-year low in April as the novel coronavirus wreaked havoc on supply chains, supporting analysts' views the economy was sinking deeper into recession.

The Institute for Supply Management (ISM) said on Friday its index of national factory activity dropped to a reading of 41.5 last month from 49.1 in March. That was the lowest level since April 2009, just a few months before the Great Recession ended. A reading below 50 indicates contraction in the manufacturing sector, which accounts for 11% of the U.S. economy.

Economists polled by Reuters had forecast the index falling to 36.9 in April. The smaller-than-expected drop in the ISM index was because the survey's measure of supplier deliveries surged to a reading of 76.0 last month from 65.0 in March.

A lengthening in suppliers' delivery times is normally associated with a strong economy and increased customer demand, which would be a positive contribution. But in this case slower supplier deliveries indicate supply shortages related to the coronavirus pandemic and not stronger demand.

Source : Reuters

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