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US manufacturing contracts at the fastest since 2009

US manufacturing contracts at the fastest since 2009

IHS Markit data released on Wednesday showed that manufacturing output contracted at the fastest pace since August 2009 in March due to company closure and lockdowns.

The final manufacturing PMI came in at 48.5 in March, amid “growing numbers of company closures and lockdowns as the nation fights the COVID-19 outbreak,” said Chris Williamson, Chief Business Economist at IHS Markit.

New orders and employment also shrank at the fastest rate since the 2007-2008 global financial crisis.

The ISM manufacturing registered 49.1 in March, compared to 50.1 in February, while analysts had called for a reading of 44.9.

As of 14:34 GMT, the dollar held its gains versus a basket of major currencies, where it traded at 99.64.

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