May NMI drops, PMI 66
Courtesy of ICRT
New research shows the domestic coronavirus situation has hit the service industry hard.
According to the Chung-Hua Institution for Economic Research (CIER), the Non-Manufacturing Index for May dropped sharply.
The Index had been climbing for 11 straight months before losing almost 11 points to hit 49.2 last month. A figure below 50 percent indicates contraction in the industry.
According to CIER, the hospitality, physical retail, travel, leisure, and arts sectors all have been hit.
For the Purchasing Managers Index, CIER says it lost about 2.7 points to stand at 66. That index has stayed above 60 for seven months.