US ISM Non-Manufacturing PMI dropped to 41.8 in April, down from 52.5, above expectation of 37.5. A 122-month period of growth has formally ended. Also, it’s that lowest reading since March 2009. Looking at some details, business activity dropped from 48.0 to 26.0, lowest on record since 1997. New orders dropped from 52.9 to 32.9. Employment dropped from 47.0 to 30. Supplier deliveries hit all time high of 78.3, up 16.2, as a result of supply problems due to coronavirus pandemic.
