Factory activity in China contracted to a three-year low in February as export o...
BEIJING - Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis, highlighting deepening cracks in an economy facing weak demand at home and abroad.
The official Purchasing Managers’ Index fell to 49.2 in February from 49.5 in January, pointing to a contraction in activity for the third straight month, according to data released by the National Bureau of Statistics on Thursday. The 50-mark separates growth from contraction on a monthly basis. Manufacturers continued to cut jobs more aggressively, a trend Beijing is closely watching as its weighs more support measures. The pace of job-shedding was the fastest since December 2015.
Many firms scale back operations or close for long periods around the holidays, which began on Feb. 4 this year. But workers, business owners and labor activists have told Reuters that companies have shut earlier than usual as the trade war bites, with some likely to close for good.
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