The manufacturing sector in China fell deeply into contraction in February, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 40.3.
That’s down sharply from 51.1 in January and it falls firmly beneath the boom-or-bust line of 50 that separates expansion from contraction.
With factories shutting down in an effort to battle the rampant coronavirus, the February score is the lowest on record since the survey began in 2004.
Individually, there were record falls in output, new orders and employment, while travel restrictions have led to a sharp deterioration of supply chains. Business confidence was up, however, on the hopes of a rebound.
The material has been provided by InstaForex Company – www.instaforex.com