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IFLY - Manufacturing: Coronavirus Effect Is Rising
Wedbush ETFMG Global Cloud Technology ETF ETF Managers Group LLC
Manufacturing in the U.S. was contracting for the latter half of 2019 and bounced back for two straight months in early 2020. But that was before the impact of coronavirus, oil price wars, and transportation restrictions hit the U.S. and world economy. Well, we are back to contraction again in the U.S. based on the ISM Manufacturing Purchasing Managers Index (PMI). The current PMI is below 50 at a value of 49.1 in March 2020. A value over 50 indicates expansion and a value under 50 indicates contraction. Furthermore, it will likely get worse