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Chinese Factory Gauge Slumps to Lowest Level Since March 2009

  • Readings remained below 50 since March, indicating contraction
  • JPMorgan: `Major challenges' confronting manufacturing sector
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Chinese Factory Gauge at Lowest Since 2009

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A private Chinese manufacturing gauge fell to the lowest in 6 1/2 years, underscoring challenges facing the economy as its old growth engines splutter.

A global sell off in riskier assets gained pace after the preliminary Purchasing Managers’ Index from Caixin Media and Markit Economics dropped to 47.0 in September. That missed the median estimate of 47.5 in a Bloomberg survey and fell from the final reading of 47.3 in the previous month. Readings have remained below 50 since March, indicating contraction.