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The ISM non-manufacturing index fell to 52.5 last month from 57.3 in February. Economists polled by Dow Jones expected the ISM services index to drop to 45. Of course, the report may not capture the full extent of the impact of the virus on the economy, which means that future industry data could be much worse.
“Respondents are concerned about the impact of the coronavirus on the supply chain, operational capacity, human resources and finance, as well as the ramifications of the economy as a whole,” said Anthony Nieves, President of the ‘Institute for Supply Management, in a press release.
More than a million cases of coronavirus have been confirmed worldwide, according to data from Johns Hopkins University. In the United States alone, more than 245,000 cases have been confirmed.
The report on Friday came after a dismal US employment report which showed that non-farm payrolls fell 701,000 last month.
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