Activity in the US economy shrank even more sharply in April as a result of the corona crisis, closing many businesses.
This is evident from essential indicators for the industry and services sector of market researcher Markit.
Markit’s business activity index, the purchasing manager index, came to 36.9 for the US industry in April.
In March, a reading of 48.5 was measured.
A level of 50 or more indicates growth, below that shrinkage. Economists generally assumed a score of 35.
The services sector shrank more than experts had foreseen. Here Markit’s indicator came out on April 27, up from 39.8 a month earlier.
The composite index fell from 40.9 in March to 27.4 in April.