U.S. manufacturing contracts; private payrolls post first drop since 2017
(Worthy News) – U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession.
The economy’s outlook was further dimmed by other data on Wednesday showing private payrolls dropped last month for the first time in 2-1/2 years as businesses shut down in compliance with strict measures to contain the highly contagious virus.
The grim economic picture has forced the Federal Reserve to take extraordinary measures, and President Donald Trump last Friday signed a $2.2 trillion stimulus package. [ Source: Reuters (Read More…) ]
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