China – Caixin/Markit Manufacturing PMI for February: 50.9 (expected 51.4, prior 51.5)

Caixin/Markit is the private survey. At 50.9 its a 9 month low. In summary from the report:
  • slower rises in both output and new work for the third month running
  • New export work declined for the second month running
  • raw material shortages and transport delays led to a marked lengthening of suppliers’ delivery times
  • increase in production … growth eased to a ten-month low
  • employment falling modestly
  • little pressure on operating capacities, as backlogs of work fell for the first time since last May, albeit marginally
  • Greater prices for raw materials and higher transport costs led to a further substantial rise in input costs
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