none

CHINA MANUFACTURING PLUNGES TO LOWEST LEVELS SINCE GFC

26-09-2015
by 
in 

Chinese manufacturing has contracted at its fastest pace since the height of the global financial crisis, according to new factory survey.

The general manufacturing purchasing managers’ index indicates a deterioration in conditions – and a contraction in the sector for seven consecutive months.

The Caixin "Flash" Purchasing Manufacturing Index, an unofficial but influential reading of manufacturing activity, fell from last month's reading of 47.3 to 47.

That is the worst outcome since the depths of the global financial crisis in early 2009.

A reading below 50 indicates a contraction in activity – the further below 50, the faster the contraction.

The market had instead forecast a marginal improvement to 47.8.

Falls were recorded in virtually all key areas including factory output, new orders and employment. Output prices also fell at a faster rate than the previous month.

The fall is in line with other recent weak readings of the domestic economy.

Many analysts believe weakness in the export-reliant manufacturing sector may mean further devaluation of the yuan is inevitable in the coming months.

Related news & editorials

  1. 15.02.2019
    15.02.2019
    by      In
    The Australian Made Campaign is doing its bit to help one of its licensees to find a local contract manufacturer. The licensee is frank green, a company that markets reusable coffee cups in Australia. And while the company currently produces all its plastic reusable cup products in Australia, it... Read More
  2. 14.02.2019
    14.02.2019
    by      In
    Boker’s, the iconic US manufacturer of precision metal stampings, washers, spacers and shims, celebrates its 100th anniversary in 2019. The year will also see the opening of a new manufacturing facility and a fresh commitment to serve international markets, including Australia.
    The company was... Read More
  3. 14.02.2019
    14.02.2019
    by      In
    Universal Robots has appointed automation industry veteran Peter Hern to the role of ANZ Country Manager.
    Hern combines extensive experience in the technology, automation and robotics industries with local knowledge of ANZ manufacturing. In his new role he will be responsible for customer support,... Read More
  4. 13.02.2019
    13.02.2019
    by      In
    With the 2019 show set to be the biggest Austech 2019 yet, organiser AMTIL has come up with a novel approach to help visitors optimise their time at the event.
    Featuring all of the key machine tool dealers, all under the one roof, Austech 2019 will showcase a vast array of state-of-the-art... Read More