U.S. manufacturing retreated again in April, a victim of economic fallout from the coronavirus outbreak
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WASHiNGTON — U.S. manufacturing retreated again in April, a victim of economic fallout from the coronavirus outbreak.
The Institute for Supply Management, an association of purchasing managers, reported Friday that its manufacturing index dropped to 41.5 last month from 49.1 in March. Anything below 50 signals contraction.
The news was bad across the board: Production, new orders, hiring and export orders all fell faster in April than they did in March.
“The underlying details indicate a severe downshift in activity as production and employment contracted at a record pace,” economists Oren Klachkin and Gregory Daco of Oxford Economics wrote in a research report. “New orders signal that activity is unlikely to improve in the near term.″
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