Manufacturing activity in China plunged in February as the coronavirus took hold, the latest data revealed, while in the US the Federal Reserve has signalled interest rates could be cut in response to the “evolving risks” to the economy from the outbreak.
The manufacturing purchasing managers’ index, one of the first official economic indicators published since the coronavirus outbreak, fell to 35.7 this month, an all-time low and down from 50 in January, China’s National Bureau of Statistics announced on Saturday.
A figure below 50 indicates a contraction in activity compared with the previous month, as judged by the managers who fill in the PMI survey.
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