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The Caixin China PMI for February dropped 0.6 points to 50.9 from the previous month, the lowest level since June 2020, indicating the marginal effect from the manufacturing recovery has further weakened, according to publisher Caixin in an email announcement on Monday. Caixin noted that the rate of improvement was the slowest seen since the current recovery period began last May.
Here are key points MNI highlights:
- The lower PMI was mainly due to a decelerated expansion in both supply and demand, as both the production and new-order sub-indices declined to a 10-month and 9-month low, respectively.
- External demand remained sluggish, with the new export order sub-index fell sharply into the contraction range below the breakeven 50 for the second consecutive month, impacted by the resurgence of Covid-19 cases in winter.
- Manufacturers are confident that the pandemic situation will improve, with the expectation sub-index jumping to the second-highest point since September 2014.
- Caixin's unofficial PMI, which tracks small and medium-sized manufacturers, compares with the official PMI released on Sunday, which also dropped 0.7 to 50.6 in February from January, also slowing for the third consecutive month.