Bloomberg.com, 1 Dec 2008, Nipa Piboontanasawat
Dec. 1 (Bloomberg) -- China’s manufacturing contracted by a record last month, two surveys showed.
The CLSA China Purchasing Managers’ Index fell to a seasonally adjusted 40.9 in November from 45.2 in October, CLSA Asia-Pacific Markets said today in an e-mailed statement. A government backed survey, released today, also showed a record contraction.
“Another grim month for China manufacturing and the first in which the weakness in overseas demand overtook what, until now, has been mainly a domestic slowdown,” said Eric Fishwick, head of economic research at CLSA in Singapore. “Export orders will weaken further and we expect further cuts in production and employment.”
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