On Monday, the 2nd of March 2020, US economic data released from the Institute of Supply Chain Management (ISM) had signalled a likely recession for the US economy in a near-term outlook, as a sudden disruption in supply chains across the globe amid a fast-spreading coronavirus outbreak which had killed more than 3,200 people and infected over 82,000 thus far had been pouring scorns over US factory activity amid a declined new orders.
Besides, as a virus outbreak had been keeping large investors at bay and revived the risk of a global-scale recession, ISM (Institute of Supply Chain Management) index for US manufacturing activity, accountable for 11 per cent of entire US economic activities, had reported a reading of 50.1 in February missing an analysts’ estimate by a wider margin, down from a figure of 50.9 recorded in January.
Meanwhile, as coronavirus-related death toll in the United States rose to six on Monday (March 2nd), stoking fears of a recession in a near-term outlook amid a sharp plunge in new orders, a chief economist at MUFG in NY, Chris Rupkey said followed by the reveal of Monday’s (March 2nd) ISM manufacturing data, “It is more critical than ever for companies to get those supply chain inputs used in production from China, otherwise the manufacturing sector may indeed fall back into a recession.
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