Manufacturing in April Contracts at Fastest Rate in 11 Years
May 02, 2020
May 02, 2020
DEARBORN, Michigan, May 2 -- The Society of Manufacturing Engineers issued the following news release:
Manufacturing last month contracted at the fastest rate since April 2009 as the novel coronavirus (COVID-19) walloped the economy, the Institute for Supply Management said.
The Tempe, Ariz.-based group's manufacturing index, known as the PMI, nosedived to 41.5 percent, down from 49.1 percent in March. An index reading below 50 percent indicates economic contraction.
Manufacturing last month contracted at the fastest rate since April 2009 as the novel coronavirus (COVID-19) walloped the economy, the Institute for Supply Management said.
The Tempe, Ariz.-based group's manufacturing index, known as the PMI, nosedived to 41.5 percent, down from 49.1 percent in March. An index reading below 50 percent indicates economic contraction.