February data showed Chinese manufacturing output rising at a negligible rate. Intakes of new work fell for a fourth month in succession, while new export business decreased at the sharpest rate since June last year. Despite this, companies added to their staff numbers, with jobs growth the highest in nine months. After adjusting for seasonal factors, the HSBC Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy – registered 49.6 in February, up from 48.8 in the preceding month, signalling a further worsening of ... (full story)