U.S. private sector firms indicated a marked contraction in overall business activity in March following the escalation of the coronavirus disease 2019 (COVID-19) outbreak. The overall decline was the steepest recorded since comparable survey data were available in October 2009, and reflected widespread falls in activity across the manufacturing and service sectors. Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 40.5 in March, down from 49.6 in February, to signal a second successive contraction in output. The composite index is based on original survey data from IHS ... (full story)