Coronavirus Triggers Record Drops in U.S., European Business Activity

The sharp decline in activity suggest the global economy is likely to contract sharply in the first six months of this year

Data firm IHS Markit said its composite purchasing managers index for the U.S.

—an aggregate measure of activity in the manufacturing and services sectors—dropped to a seasonally adjusted 40.5 in March from 49.6 in February. That was a record low for the 10½-year-old series, which started after the 2007-2009 recession. The comparable index for the eurozone...

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