U.S. manufacturing activity slumped in March to the lowest level in nearly three years as new orders plunged, and analysts said activity could decline further due to tighter credit conditions.
The Institute for Supply Management survey on Monday showed all subcomponents of its manufacturing PMI below the 50 threshold for the first time since 2009. Some economists said this suggested a recession was around the corner, while others said much would depend on the services sector, whose PMI remains consistent with a growing economy.
The ISM's manufacturing PMI fell to 46.3 last month, the lowest level since May 2020, from 47.7 in February. Outside the COVID-19 pandemic, it was the weakest reading since mid-2009. "Economic statistics in the rest of the economy are not showing convincing signs of a recession," said Christopher Rupkey, chief economist at FWDBONDS in New York.
Twelve industries reporting contraction included furniture and related products, nonmetallic mineral products, textile mills, transportation equipment and computer and electronic products as well as electrical equipment, appliances and components.
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