U.S. ISM Factory Orders, Labor Gauges Are Weakest Since 2009

Orders and employment at U.S. factories contracted in March at the quickest pace in 11 years as producers grappled with pandemic-related demand destruction, Institute for Supply Management data showed Wednesday.

The purchasing managers group’s gauge of bookings tumbled 7.6 points to 42.2, the lowest since March 2009, while its employment index slid to 43.8, the weakest since May of that year. Readings less than 50 indicate shrinking activity. Ten of the 18 manufacturing industries reported growth in March.