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The PMI report signalled the sharpest contraction since mid-2009.
And the annual rate of decline worsened to 13.8%, the sharpest contraction since January 1981.
This represents the sharpest contraction and weakest recovery in private-sector demand in the post-World War II period.
If the number holds, it would mark the sharpest contraction in the world, though it followed what was widely regarded as an unsustainable burst of growth just before the global crisis.
The World Trade Organisation (WTO) points out that America, which was the first big economy to enter recession, also saw the sharpest contraction of imports last year (see chart 2).
Led by economic growth in China and India, world trade is projected to expand by 9.5 percent this year after shrinking by 12.2 percent last year in the sharpest contraction since World War II, the World Trade Organization said on Friday.
Similar(40)
The sharp contraction in the health care industry has economic effects, too, for coffee shops and florists and medical-supply companies.
The sharp contraction in the United States housing industry last year had a particularly noticeable effect on remittances because many Mexicans are employed in construction.
Much more serious has been the sharp contraction of more modern industries that until the 1970s had served as replacements for the old industries.
The sharp contraction that followed exposed huge management flaws among Asian firms that had only ever known generations of growth on the back of tiger economies.
The sharp contraction, brought on by two years of drought in Texas followed by a year of drought across the Great Plains that drove feed prices sky high, has left some wondering if the state will ever again have herds as large as it once boasted.
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