New report shows China’s manufacturing index has plummeted to a RECORD low. Even worse than the 2008 financial crisis. There could be more shocking PMIs coming from the rest of the world.

China’s official Purchasing Managers’ Index (PMI) 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.

A sign of things to come globally?

Factory activity in China contracted at the fastest pace on record in February, highlighting the damage from the coronavirus outbreak on the world’s second-largest economy.

China’s official Purchasing Managers’ Index (PMI) 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. Analysts polled by [Reuters] expected the February PMI to come in at 46.0.

The somber 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.

The results suggest deepening cracks in an economy already hit by the trade war as the coronavirus forces widespread transport curbs and tough public health measures which have paralyzed economic activity.

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.

www.cnbc.com/2020/02/29/china-pmi-factory-activity-shrank-at-fastest-rate-on-record-in-february.html

ZH: “China Reports Catastrophic Data” NatSec Source: Trump Being Advised to Close ALL U.S. MARKETS

www.zerohedge.com/economics/china-reports-catastrophic-data-manufacturing-non-mfg-pmis-crash-record-lows