Reuters reports the following:
China factory activity dives to worst on record as coronavirus paralyses economy – PMI
* Caxin Feb factory activity contracts at sharpest pace on record
* Output, new orders collapse to historic lows as virus jolts
* Exports and employment also in sharp contraction
* Economy paralysed by outbreak, sharp contraction seen in Q1
Chinaâ€™s factories were dealt a devastating blow in February as the coronavirus epidemic triggered the sharpest contraction in activity on record, a private survey showed on Monday, with the health crisis paralysing large parts of the economy.
The Caixin/Markit Manufacturing Purchasing Managersâ€™ Index (PMI) tumbled to 40.3 last month, the lowest level since the survey began in 2004, and down sharply from the 51.1 reading in January as well as the 50-mark that separates growth from contraction.
The headline number was well off a Reuters poll forecast at 45.7 and even worse than the depths of the financial crisis in 2008-09, underlining the crippling effects of the virus across the country where authorities have imposed tough travel curbs and public health measures to contain the outbreak.