IHS Market: Curna loves US corporate activities


(Reuters) – US corporate activity contracted further in March, hitting a record low as business was negatively affected by the Corona virus pandemic in both the manufacturing and services sectors, supporting economists’ view that the economy was already in recession.

IHS Market data said on Tuesday that the initial reading of its composite index of US output, which tracks the manufacturing and services sectors, has fallen to 40.5 this month. That was the lowest level ever, and it followed 49.6 in February. A reading below 50 indicates contraction.

The survey was conducted between the 12th and 23rd of March. Since last week, rulers of at least 18 states in about half of the US population have issued orders to residents to stay in their homes, except for necessities such as grocery shopping, medicine, and fuel, or visiting doctors ’clinics. Orders were also issued to close down “unnecessary” commercial activities.

Prepared by Ahmed Elhamy for the Arabic Bulletin


Please enter your comment!
Please enter your name here