China Caixin PMI Manufacturing dropped to 50.9 in February down from 51.5, missed expectation of 51.5. That’s also the worst reading since last May. Output expanded modestly amid notably softer rise in new work. Pandemic weighed on exports sales and supplier performance. Though, business confidence improved on hopes of global economic recovery in months ahead.
Wang Zhe, Senior Economist at Caixin Insight Group said: “To sum up, the momentum of the manufacturing recovery further weakened as the supply and demand both rose at a slower clip, adding pressure on employment. The prices of raw materials continued to increase and inflationary pressure continued to grow. Despite the headwinds mentioned above, manufacturers became more optimistic about the outlook for their businesses.”
