US: Markit Manufacturing PMI slumps to 48.5 in March (final) from 50.7

• Markit Manufacturing PMI in US falls further in March's final reading.
• Major equity indexes continue to trade deep in the red after the data.

The IHS Markit's Manufacturing PMI for the US fell to 48.5 in March from 50.7 in February. This reading came in worse than the previous estimate and the market expectation of 49.2.

Commenting on the data, "the final PMI data for March are even worse than the initial flash estimate, with manufacturing output slumping to the greatest extent since the height of the global financial crisis in 2009," noted Chris Williamson, Chief Business Economist at the IHS Markit. "Growing numbers of company closures and lockdowns as the nation fights the COVID-19 outbreak mean business levels have collapsed."

Market reaction 

Wall Street's main indexes continue to trade with heavy losses on Wednesday. As of writing, the Dow Jones Industrial Average and the S&P 500 were both erasing more than 3% on a daily basis.