As manufacturing and services industry production severely disrupted by coronavirus, US business activity in April plumbed to new record lows.
IHS Markit said its flash US Composite Output Index in April plunged to a reading of 27.4. That followed a final reading of 40.9 in March and was the lowest since late 2009.
More than 22 million people have filed for unemployment benefits since March 21. The economy in March slipped into recession, economists said.
From 39.8 in the previous month, the IHS Markit survey’s services sector flash Purchasing Managers Index slumped to 27.0 in April, an all-time low reading. For the services sector, economists had forecast a reading of 31.5 in April.
With the flash manufacturing PMI sinking to 36.9, factory activity contracted further this month. That was following a final reading of 48.5 in the previous month and the lowest since March 2009. The sector accounts for 11 percent of the economy. The index for the sector forecast by the economist to fall to 38.0 in April.
