EU and China PMI Slide

24/7 Wall St.

junk spread imageHas a drop in China’s Purchasing Managers’ Index (PMI) been hurt by the European Union’s recession, or has the EU recession been hurt by a drop in exports to China? No one knows, but purchasing activity in both areas has been badly damaged. Few nations around the world have escaped the trend, except maybe the United States. And that in and of itself is a sign the global economy is in the midst of what could be a very sharp slowing or even contraction. It may not be 2007 all over again, but the situation could be close.

The carefully followed HSBC services PMI for China dropped to 51.1 in April, down from 54.3 in March. A level below 50 represents a contraction. Several media outlets pointed out that China’s PMI in April was a 20-month low. China and its regional governments have been accused of padding numbers in the past, so the…

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