US business levels fall sharply amid coronavirus

Sun Online Desk

22nd February, 2020 10:49:40 printer

US business levels fall sharply amid coronavirus

 

Business activity in the US service sector fell last month for the first time since 2013, hurt by the coronavirus, according to a survey, reports BBC.

The drop came amid a "notable worsening" in the services sector, which includes finance and retail, the IHS Markit research firm reported.

New orders received by private sector firms also declined for the first time since 2009, it said.

US financial markets fell sharply following the report.

The latest IHS Markit/CIPS purchasing managers' index data found that services business activity fell to 49.4, from 53.4 in January, while manufacturing output slowed to 50.8, compared to 51.9 in January, a six-month low.

The combined score was 49.6, down from 53.3 in the opening month of 2020.

 


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