March 2, 2020

Manufacturing in China Plummeted in February

I can’t read this any better than you can, but unfortunately I don’t need to:

This is the manufacturing PMI release for China, and just like the US version a score of 50 is neutral. Anything below 50 means that manufacturing is contracting, and in February manufacturing in China contracted at its fastest rate in recent history. On the (semi) bright side, US manufacturing is showing softness but hasn’t quite started contracting yet:

Meanwhile, the OECD predicts a significant reduction in global economic growth thanks to the coronavirus. Instead of growing at 2.9 percent, they now figure growth will be 2.4 percent at best.

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