The economy of the People's Republic has begun to show a collapse which simply could not be contemplated a year ago. Weakness in Europe and a slowdown of GDP in the U.S. have combined with a global economic malaise. In all probability, the sputtering China activity has cut consumer spending with the world largest nation by population and second largest by GDP.
Data from HSBC and Markit showed that China's carefully watched PMI fell again in September. The purchasing managers' index fell to 47.9 for September from 47.6 in August.
According to Bloomberg:
Export orders declined at the fastest pace in 42 months and purchasing activity in manufacturing fell for a fifth consecutive month, the Sept. 29 report showed.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, International Markets