WASHINGTON, May 5 — The coronavirus pandemic slammed the US service sector in April, sending it contracting for the first time in nearly 11 years, according to an industry survey released today. The drop in the Institute for Supply Management’s (ISM) non-manufacturing index — to 41.8 per cent...
Tuesday, 05 May 2020 11:49 PM MYT
The drop in the Institute for Supply Management’s non-manufacturing index — to 41.8 per cent from 52.5 per cent in March — was less severe than expected but nonetheless a sign the dominant sector of the American economy was in dire straits. The business activity index fell 22 points from March to 26 per cent, the lowest since ISM began the survey in 1997, while the new orders index fell 20 points to 32.9 per cent.
After weeks of lockdowns, some states across the US are moving to allow selected businesses to reopen with restrictions, even though the virus has not subsided.
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