Surveys show broad-based decline in service-sector activity last month as coronavirus gained momentum
U.S. services businesses saw their steepest drop in activity in April since the last recession as the coronavirus pandemic gained momentum, surveys of purchasing managers showed.
The Institute for Supply Management’s nonmanufacturing index fell to 41.8 in April, down from 52.5 in March and the lowest reading since March 2009. Separately, private data firm IHS Markit said on Tuesday its U.S. services index—a survey-based measure of activity in industries such as finance, hotels and transportation—saw its sharpest one-month...
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