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U.S. Business Gauge Posts First Contraction Since 2013 on Virus

Friday, 21 February 2020 21:54 WIB Ekonomi AS PMI AS

U.S. business activity shrank in February for the first time since 2013 as the coronavirus hit supply chains and made firms hesitant to place orders, a warning sign that the outbreak is starting to dent the world’s largest economy. The IHS Markit purchasing managers’ index measuring composite output at factories and service providers fell by 3.7 points to 49.6, the lowest level since October 2013, when the U.S. government shut down, according to preliminary figures released Friday. Readings below 50 indicate contraction. It’s the first major piece of U.S. economic data to show a sizable hit from the coronavirus, which economists have seen as generally cutting...

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