Factories across the U.S., Asia and Europe cut output and jobs at the fastest pace since the global financial crisis, a sign the global economy has entered a deep freeze as governments lock down their populations in an effort to contain the novel coronavirus and minimize mortality.

In the U.S., the Institute for Supply Management said its manufacturing index fell to 49.1 in March from 50.1 in February. Readings above 50 indicate activity is expanding across the manufacturing sector, while those below 50 signal contraction....