by Calculated Risk on 4/03/2020 10:05:00 AM

The March ISM Non-manufacturing index was at 52.5%, down from 57.3% in February. The employment index decreased to 47.0%, from 55.6%. Note: Above 50 indicates expansion, below 50 contraction.

From the Institute for Supply Management: March 2020 Non-Manufacturing ISM Report On Business®

Economic activity in the non-manufacturing sector grew in March for the 122nd consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business.®

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee: “The NMI® registered 52.5 percent, 4.8 percentage points lower than the February reading of 57.3 percent. This represents continued growth in the non-manufacturing sector, at a slower rate. The Non-Manufacturing Business Activity Index decreased to 48 percent, 9.8 percentage points lower than the February reading of 57.8 percent, reflecting contraction for the first time since July 2009, when the index registered 47.2 percent. The New Orders Index registered 52.9 percent, 10.2 percentage points below the reading of 63.1 percent in February. The Employment Index decreased 8.6 percentage points to 47 percent from the February reading of 55.6 percent.
emphasis added

This is just the beginning of the down turn. The numbers will be much worse in the April report.