July 16, 2020 – Capstone Headwaters released its Industrials & Manufacturing Update, reporting that after a three-month decline that brought U.S. manufacturing activity to its lowest level since the Global Financial Crisis, the industry showed signs of slight recovery in May and June. The simultaneous Oil & Gas supply and demand shock has created unprecedented disruption, with U.S. petroleum demand in April falling to its lowest level in 25 years. Overall, companies that provide products and services to the Commercial Aerospace, Automotive, and Oil & Gas markets have been the hardest hit while providers to the Defense, Medical, Food & Beverage, and select Chemical end markets have seen sustained demand throughout the pandemic. Regarding the impact of COVID-19, Capstone Headwaters said as companies begin to restart production and social distancing measures are reduced, we should see industry activity begin to climb, though the road to recovery is expected to be slow with several subsectors faring much worse than others. The headwinds created by COVID-19 have yet to be broadly realized and are expected to be more closely scrutinized as a new normal emerges.