China manufacturing declines further
05-01-2009
China's manufacturing sector shrank for a third month in December as export demand fell, according to new figures. A key indicator, the Purchasing Managers Index, edged up from November's all-time low but stood at 41.2, below the 50 level that shows activity is shrinking, the government-sanctioned China Federation of Logistics and Purchasing said. Manufacturing is about 40 percent of China's economic output, and a drop in demand for its exports has triggered thousands of factory closures.
