China’s manufacturing activity shrank at record pace in February – private survey

 

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Activity in China’s manufacturing sector in February contracted at the fastest pace in nearly 16 years due to sharp drops in new orders, output and employment amid the coronavirus outbreak, a private survey showed on Monday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) tumbled to 40.3 last month, the worst performance since the survey started in April 2004. That's sharply lower than 51.1 in January. A reading above 50 indicates an expansion in activity, while a reading below that mark represents a contraction.

The February reading was even “weaker . . .

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