March's ISM Manufacturing Index Is 49.1, Signaling Contraction As Coronavirus Hits Economy

U.S. manufacturing activity contracted in March as the coronavirus outbreak continues to pressure the economy, data released Wednesday by the Institute for Supply Management showed. 

The ISM manufacturing index fell to 49.1 last month from 50.1 in February. Activity was driven down by a steep decline in new orders and production, the data showed. Prices within the sector also contracted. 

"The coronavirus pandemic and shocks in global energy markets have impacted all manufacturing sectors," said Timothy Fiore, chair of the Institute for Supply Management, in a statement. 

More than 800,000 cases of coronavirus have been confirmed around the world, according to Johns Hopkins University. The U.S. is the country with the most confirmed cases, with over 189,000.

Stocks have tumbled into a bear market amid the outbreak, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all trading more than 20% below record highs set on February. The major averages fell again on Wednesday as investors digested comments from President Donald Trump, who said Tuesday the next two weeks will be "rough" for the country. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

RECENT NEWS

Stocks Rise After Better-than-expected Jobs Report To Close Out Winning Week

Stocks rose on Thursday following a better-than-expected U.S. jobs report as the economy tries to recover from the coron... Read more

Record Jobs Gain Of 4.8 Million In June Smashes Expectations; Unemployment Rate Falls To 11.1%

Another big contributor to the decline of the jobless rate was a plunge in those on temporary layoff. That total fell by... Read more

17.6 Million Unemployed Americans Probably Won't Return To Their Pre-pandemic Jobs

The share of the workforce currently out of work with no reasonable chance of returning to their jobs is about 11%, or a... Read more

GM, Fiat Chrysler U.S. Auto Sales Tank In Second Quarter As Coronavirus Saps Demand

U.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% Read more

Mortgage Demand Falls For The Second Straight Week, Signaling A Potential Slowdown In The Housing Recovery

The surge in mortgage demand from homebuyers over the past two months appears to be waning, even as mortgage rates conti... Read more

Fed's Bullard Warns Of Financial Crisis Risks As Virus Cases Spike, FT Reports

St. Louis Federal Reserve Bank president James Bullard has warned that a growing number of bankruptcies due to the coron... Read more