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The pandemic "causes the gears of industrial activity to grind to a halt," Gregory Daco, chief US economist at Oxford Economics, said in a note, adding he doesn't expect a full recovery until late 2021.US industrial production slid in April by the most since data collection began in 1919 as coronavirus lockdowns slammed manufacturing activity.
Even as the US pivots to economic reopening plans, factories are unlikely to see the smooth recovery hoped for in other sectors. Manufacturing activity declined relatively early in the pandemic's life, as supply chain disruptions slowed production before outbreaks cropped up in the US.
Wow. 😯
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