China’s Flash PMI for February missed expectations slipping to 50.4 from a reading of 52.3 in January. Analysts had been expecting the reading to come in at 52.2. The good news here is that China is still expanding modestly (anything above 50 is expansionary), but the 4 month low in the reading certainly puts the strength of the global economy into doubt.
Here’s a bit more detail via Markit:
Commenting on the Flash China Manufacturing PMI survey, Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC said:
“The Chinese economy is still on track for a gradual recovery. Despite the moderation of February’s flash PMI, the index recorded the fourth consecutive reading above the 50 critical line. The underlying strength of Chinese growth recovery remains intact, as indicated by
the still expanding employment and the recent pick-up of credit growth.”