Economics
Asian Factories Slump to Record Lows Amid Global Lockdowns
- Southeast Asia, India PMIs drop to lowest since series began
- China’s re-opening isn’t providing enough boost to exports
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Factory output across several Asian countries slumped to record lows in April, signaling a deeper contraction in the world’s manufacturing hub even as China begins restarting some operations.
Purchasing managers indexes across Southeast Asia slumped further below 50, the dividing line between contraction and expansion, to post their weakest readings since the series began, according to data released by IHS Markit on Monday. India’s PMI, too, dropped to a record low as output crashed amid a 40-day lockdown.