China factory PMI slows further in February, most details weak

A widely-followed survey of factory sector conditions in the world's third-largest economy softened further last month.

The official Chinese manufacturing sector Purchasing Managers' Index slipped from a reading of 49.5 for January to 49.2 in February, contrary to expectations for an unchanged reading.

A sub-index of new orders did improve, but another linked to new export orders fell further below the 50.0 point level which marks the threshhold between expansion and contraction.

In parallel, the import sub-index "fell nastily", according to Pantheon Macroeconomics's Freya Beamish, "suggesting no end in sight to the global manufacturing slowdown."

"The index could rebound as seasonal adjustment problems are ironed out in March, but it a sustained recovery will remain illusive until the second half."