Still, manufacturing may be faring better than a service sector now flat on its back.

“Industrial companies are generally not on the front lines of the localized disruptions,” said Karen Harris, a director with Bain & Company's Macro Trends group, “compared to high-touch consumer businesses like hotels and retail.”

To her, the silver lining is how American factories are showing flexibility in this crisis. Several U.S. automakers, for instance, have begun the process to produce ventilators for hospitals.