China PMI horror show to trigger Q1 downgrades

[Elderberry]

Asia Times   by Umesh Desai  3/1/2020

Country reports its lowest purchasing data in 15 years because of coronavirus outbreak

China reported its lowest purchasing managers’ index (PMI) figures in 15 years as the coronavirus outbreak and the glacial pace of resumption after the Lunar New Year holiday thwarted economic activity.

The data has raised doubts around claims by Beijing about companies making a high rate of work resumption.

This has sent analysts scrambling to rework their quarterly GDP forecasts as the world’s second-largest economy reeled from travel restrictions, supply-chain disruptions and a lethargic resumption of business.

China’s Purchasing Managers’ Index in February plunged to 35.7 from 50 in January. This is the lowest reading since January 2005 when it was first released and even lower than November 2008’s figure of 38.8 during the Global Financial Crisis.

More: https://asiatimes.com/2020/03/china-pmi-horror-show-to-trigger-q1-downgrades/

[Elderberry]

China — only 20% of the economy working — the cost of inviting a virus to dinner

JoNova 3/2/2020

http://joannenova.com.au/2020/03/china-only-20-of-the-economy-working-david-archibald-counts-president-xi-own-goals/

David Archibald: Give the Corona-virus the Nobel Peace Prize

American Thinker

Xi wants to be emperor of the whole world and can see a path to achieving that.  But he has kicked a couple of own goals…

Xi’s first own goal was to suppress privately owned business activity in favor of state-owned companies. Workers in state-owned companies have about a third of the productivity of those in businesses run by their private owners….

Reuters, meanwhile, are reporting that things are picking up in China

Apparently Chinese official data shows there are more lights and more people driving around and we all know the Chinese government would never make that sort of thing up.

More at link.