"In China, the purchasing managers’ index by the brokerage firm CLSA showed the manufacturing sector had contracted for a fifth consecutive month. The survey showed the steepest decline in its history.
"'With five back to back P.M.I.s signaling contraction, the manufacturing sector, which accounts for 43 percent of the Chinese economy, is close to technical recession,' said Eric Fishwick, head of economic research at CLSA in Hong Kong, in a note accompanying the release."
"'With five back to back P.M.I.s signaling contraction, the manufacturing sector, which accounts for 43 percent of the Chinese economy, is close to technical recession,' said Eric Fishwick, head of economic research at CLSA in Hong Kong, in a note accompanying the release."