IHS: February saw the First Contraction in U.S. Business Activity in Six Years

IHS Markit Services PMI February 2020 Contracts
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The service sector accounts for roughly 75% of the US economy, and it contracted slightly last month according to the IHS Markit Composite PMI, with indications that the economic impact from the SARS-CoV-2 coronavirus pandemic are already hitting key industries, such as travel.

Private sector output was weighed on by a contraction in business activity at service providers and a slower manufacturing expansion.The IHS Markit Composite PMI Output Index* registered 49.6 in February, notably down from 53.3 posted at the start of the year. The decrease in overall output was the first for over six years. New orders rose only fractionally, as both manufacturers and service providers noted subdued client demand. The expansion of new business was the slowest since data collection began in October 2009

Read the full press release on Markiteconomics.com

Emphasis ours

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