Global manufacturing numbers spell more trouble for China

Global manufacturing activity is falling off at an alarming rate. According toThe New York Times, "The pattern of manufacturing and trade ominously recalls how the financial crisis of 1929 grew into the Great Depression: tightening credit and consumer fear reduced demand for manufactured goods in one country after another, creating a downward spiral that reduced global trade."

The news is bad for almost every developed and developing nation in the world. But it is particularly bad for China, where the life's blood of GDP growth is manufacturing goods for export.