“The worst of Asia’s downturn is behind, but the outlook is clouded by weaknesses in major export destinations like the United States and Europe,” said Toru Nishihama, chief economist at Dai-ichi Life Research Institute in Tokyo.
The data was contrasted with a better-than-expected official PMI survey issued on Tuesday. But whereas the official PMI largely focuses on big and state-owned Chinese businesses, the Caixin survey centres on small firms and coastal regions. South Korea’s factory activity contracted for a seventh straight month in January. The reading was 48.5, up from 48.2 in December but below the 50-point-threshold.While new orders in South Korea shrank for a seventh straight month in January, the rate of decline was slightly slower than a month earlier, the survey showed.
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