US Manufacturing Crisis: Fastest Economic Deterioration Ever Recorded, Analyst Says

The US manufacturing activity has plunged to a record low, indicating that the country has entered into a deeper recession. “This recession is the quickest deterioration in economic activity ever recorded,” an economist explained. This data is accompanied by collapsing global demand, ongoing supply chain disruptions, and high levels of uncertainty.

US Manufacturing Activity Nosediving

The survey from the Institute for Supply Management (ISM) released on Friday has painted a grim picture for the U.S. economy. The index of national factory activity dropped to 41.5 in April, the lowest level not seen since April 2009, and its monthly decline was the biggest since October 2008. A reading below 50 indicates contraction in the manufacturing sector.

According to the ISM, manufacturers were “strongly negative regarding the near-term outlook, with sentiment clearly impacted by the coronavirus pandemic and continuing energy market recession.” Chris Rupkey, chief financial economist at…