Activity in China’s manufacturing sector declined at the fastest rate on record in February, according to a private survey, as factories were shut down to control the spread of coronavirus.
The Caixin-Markit manufacturing purchasing managers’ index dropped to 40.3, its lowest since the survey began in April 2004. That was down from 51.1 in January. A figure below 50 indicates a contraction in activity compared to the previous month.
Production fell at the sharpest rate on record as companies were unable to restart factories after the lunar new year, with the government restricting the movement of people to stem the spread of coronavirus. New work and staffing levels both fell at the quickest rate since the survey began.
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