video-banner
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. 23.08.2019
    23.08.2019
    by      In
    Leading gas and engineering company BOC, a subsidiary of Linde plc, has commenced Queensland’s first renewable hydrogen project at its production facility in Bulwer Island, Brisbane.
    The $3.1 million end-to-end renewable hydrogen supply project has received $950,000 of funding from the Australian... Read More
  2. 22.08.2019
    22.08.2019
    by      In
    Kingfield Galvanizing, located in the northern Melbourne suburb of Somerton, has been recognised as one of Australia and New Zealand’s most innovative companies. The prestigious annual Most Innovative Companies list, published by The Australian Financial Review and Boss Magazine, is based on a... Read More
  3. 21.08.2019
    21.08.2019
    by      In
    Australian quantum cybersecurity specialist QuintessenceLabs is leading a project to develop a new breed of microchip-scale quantum random number generators to improve IoT security.
    The consortium also includes the University of New South Wales, the Australian Semiconductor Technology Company,... Read More
  4. 20.08.2019
    20.08.2019
    by      In
    The first electric cargo van assembled by the Australian Clean Energy Electric Vehicle Group (ACE-EV) has been revealed at the Tonsley Innovation District in Adelaide’s southern suburbs.
    The venue was significant, as the innovation hub is located in the former Mitsubishi Motors main assembly... Read More