When a recession comes, it is usually manufacturers and other goods-producing industries that get kicked in the teeth. This time it is services’ turn. The Institute for Supply Management said that its index for nonmanufacturing activity fell to 41.8 last month from 52.5 in March, marking its lowest level since March 2009. Anything below 50 represents a contraction in activity. As with its companion manufacturing gauge that came out last week, the index was again distorted by a slowdown in supplier delivery times: Usually when...

Source: Wall Street Journal May 05, 2020 18:11 UTC