By Chris Oliver
MarketWatch November 2, 2009
Hong Kong -- Business condition in China's manufacturing sector deteriorated at a record pace in October during a sharp decline in orders from overseas customers, according to a brokerage survey Monday. CLSA Asia-Pacific Markets said its China Manufacturing PMI fell to 45.2 from 47.7 in September, marking its third straight monthly decline and the fastest in the survey's history. The level of new orders received by manufacturers was down at a record pace. The survey also found sharply deteriorating employment conditions as businesses laid off workers in response to falling demand. Input costs also fell sharply after rising at a survey record rate in July. "Chinese manufacturers are seeing their order books cut, both at home and abroad, as the world economy falls into recession," wrote Eric Fishwick, head of economic research at CLSA in a research note Monday. "Costs are falling but so are output prices. The coming 12 months will be difficult ones for manufacturers, China included."
http://www.marketwatch.com/news/story/China-manufacturing-conditions- record-low/story.aspx?guid=%7BE5691552-D60A-4237-A2F1-D1451 DC35FF4%7D
This email was cleaned by emailStripper, available for free from http://www.papercut.biz/emailStripper.htm