China’s official purchasing managers’ index (PMI) for the manufacturing sector hit a record low in February. The government said right away that the coronavirus outbreak had led to economic contraction.

The index hit 35.7 in February. The previous record low was in November 2008 at the time of the global financial crisis when it hit 38.8. When the index is above 50, it’s an indication that purchasing managers expect growth. When it’s below 50, it suggests they expect the economy to contract.

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