China Manufacturing PMI 7-Month Low, Sharpest Decline in New Export Orders Since March 2009

The global econ­omy con­tin­ues to slow led by Europe and China. The HSBC Flash China Man­u­fac­tur­ing PMI is at a 7-month low. More­over man­u­fac­tur­ers report the sharpest decline in new export orders since March 2009.

Key points

• Flash China Man­u­fac­tur­ing PMI™ at 48.1 (48.4 in May). 7-month low.
• Flash China Man­u­fac­tur­ing Out­put Index at 49.1 (49.7 in May). 3-month low.

Sum­mary

Note that inven­to­ries of fin­ished goods are up, every­thing else is down. It's time to admit the global econ­omy is in reces­sion. The US is there too, or soon will be.