With the coronavirus outbreak weighing on demand, the Institute for Supply Management released a report on Wednesday showing a contraction in U.S. manufacturing activity in the month of March.
The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0.
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