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Manufacturing suffers steepest contraction in February

Christian Fernsby ▼ | March 11, 2020
The global manufacturing sector suffered its steepest contraction since 2009 as demand, international trade and supply chains were severely disrupted by Wuhan coronavirus outbreak.
Business   Manufacturing
Output fell across the consumer, intermediate and investment goods industries, with the steepest drop at investment goods producers.

Topics: Manufacturing

The J.P.Morgan Global Manufacturing PMI, a composite index produced by J.P.Morgan and IHS Markit in association with ISM and IFPSM, fell to 47.2 in February, down from 50.4 in January and to its lowest level since May 2009.

Olya Borichevska, from Global Economic Research at J.P.Morgan, said “The global manufacturing output PMI collapsed over seven points in February to 43.5, the second largest monthly decline recorded going back to 1998.

“The PMI implies a contraction in global IP around a 5%ar pace.

“However much of the February output PMI drop owes to a 23-points tumble in China where the outbreak of the COVID-19 severely disrupted activity.