China's Caixin Manufacturing PMI Plunged to Record Low in February
Dou Shicong
DATE:  Mar 02 2020
/ SOURCE:  yicai
China's Caixin Manufacturing PMI Plunged to Record Low in February China's Caixin Manufacturing PMI Plunged to Record Low in February

(Yicai Global) March 2 -- The Caixin purchasing managers' index for manufacturing, an independent gauge of operating conditions in the sector, slumped to the lowest ever last month amid the novel coronavirus epidemic.

The index fell to 40.3 in February, the lowest since the survey was started in April 2004, from 51.1 in January. A reading above 50 signals expansion. One below indicates contraction.

Caixin's reading parallels the findings of the official manufacturing PMI that China's National Bureau of Statistics released on Feb. 29. It came in at 35.7 for February, a 14.3 point drop from the month earlier.

China has two key purchasing managers' indices. The official PMI is compiled by the state and comprises 3,000 companies, most state owned. The Caixin index, also known as the Caixin-Markit index, tracks 500 businesses which are generally smaller and privately owned.

Editor: Ben Armour

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Keywords:   Caixin Manufacturing PMI