China Manufacturing Slump Deepens as Covid Curbs Bite, Caixin PMI Shows
China’s manufacturing activity contracted in April at the steepest pace in more than two years, a Caixin-sponsored survey showed Saturday, as measures to contain Covid-19 outbreaks in cities including Shanghai disrupted supply chains, halted factory output, and squeezed consumption.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, fell to 46, the lowest reading since February 2020, from a March reading of 48.1. A reading below 50 signals a contraction in activity while a number above 50 signals an expansion.
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