Economic Outlook
March survey highlights:
* The Business Conditions Index plummeted below growth neutral for the month.
* Almost two-thirds of supply managers reported that the coronavirus produced shipping problems to and from vendors.
* Employment index fell to its lowest level in 10 years.
* Business confidence plunged to a record low.
* More than half, or 54.3% indicated that the virus had increased worker absences for the month.
* More than one-third, or 34.2%, of manufacturers switched to a domestic vendor.
March Survey Results at a Glance:
* Overall index fell well below growth neutral taking its biggest one month decline since beginning the survey in January 2006.
* More than six of 10 bank CEOs expect the coronavirus to push their local area into a recession.
* Approximately 14.3% of banks reported an increase in staff absences due to the coronavirus.
* More than half of bankers indicated their bank had a disaster plan to deal with the coronavirus, while 29% reported their bank was developing such a plan.
* The regional confidence index took its greatest one month decline since the survey was initiated in 2006.
