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China’s Manufacturing Slumps to 11-Month Low
Manufacturing activity in China declined to its lowest level since April 2014, according to banking giant HSBC Holdings plc.
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Manufacturing activity in China declined to its lowest level since April 2014, according to banking giant HSBC Holdings plc.
HSBC's preliminary manufacturing index for March dropped to 49.2 from 50.7 in February. Any number below 50 indicates contraction. The bank, whose research is conducted by London-based Markit Economics, will report a final index for the month on April 1.
HSBC describes this month's decline as a "slight deterioration." But economists say the drop strengthens their suspicions that China's economic growth slowed significantly in the current quarter. The country's economy expanded 7.4% in 2014, its slowest pace in more than 20 years.
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