Economics
Demand, Jobs in U.S. Service Industries Collapsed in April
- ISM measure of business activity falls to record low
- Bottlenecks in supply chains boosts composite headline index
Chairs and tables sit inside a closed restaurant in Times Square in New York on April 21.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Demand and employment in U.S. service industries collapsed in April, adding to signs of an historic economic contraction this quarter caused by the coronavirus pandemic.
Measures of business activity, new orders and employment all fell to record lows last month in figures going back to 1997, according to survey data from the Institute for Supply Management on Tuesday. The industries in ISM’s report represent about 90% of the economy.