SHAFAQNA TURKEY – Manufacturing activity in China fell sharply in December as Covid-19 cases surged, hampering production and putting pressure on demand.
China Purchasing Managers’ Indices (PMI) Caixin Media and IHS Markit fell to 49.0 in December from 49.4 in November. The PMI has been below the 50 basis point breakeven for the past 5 months, indicating contraction.
Economists had expected manufacturing PMI to fall to 48.8 in December.
“Supply has contracted, aggregate demand remains weak, overseas demand has fallen, employment has deteriorated, logistics is sluggish, producer margins are under pressure, and inventories are low,” said Wang Zhe, senior economist at Caixin Insight Group.
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