Plants continue losing jobs at fastest pace in years as labour conditions remain tight amid travel restrictions. FMTNews
February 29, 2020 11:39 AM
China’s official Purchasing Managers’ Index fell to a record low of 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday, well below the 50-point mark that separates monthly growth from contraction.The sombre readings provide the first official snapshot of the state of the Chinese economy since the outbreak of the coronavirus epidemic which has killed almost 3,000 people in mainland China and infected about 80,000.
Nomura expects first-quarter growth to be at 2.0% year-on-year while Capital Economics estimates China’s economy would contract outright in year-on-year terms this quarter, for the first time since at least the 1990s. China’s leaders have urged local governments, factories and workers to re-start operations as soon as possible in less-affected regions.
Small- and mid-size firms account for more than 80% of nationwide employment and over 60% of gross domestic product. Economists at Morgan Stanley have warned of a pronounced impact on first-quarter global growth, with rising risks of it extending into the second quarter this year.
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