Economy
March 3, 2020
Global Manufacturing Health Sapped by Virus
Written by Sandy Williams
In just a few weeks from the first known case, the COVID-19 outbreak has wreaked havoc on the global manufacturing sector. The J.P. Morgan Global Manufacturing PMI posted a steep decline in February, falling to 47.2 from 50.4 in January, its lowest level since May 2009.
New orders and production fell at record rates in China and 15 of the 32 nations surveyed in February reported a contraction in output. The U.S., United Kingdom, Canada, Mexico, India and Brazil were among the few larger countries to report output growth. Output fell across consumer, intermediate and investment goods, said J.P. Morgan, with the latter showing the deepest decline.
