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October PMI falls to record low of 45.2

(Agencies)
Updated: 2008-11-03 14:41

The China purchasing manufacturers' index fell to a record low of 45.2 in October as orders and pricing power were squeezed by the global financial crisis.

The October reading was down from 47.7 in September, its third consecutive monthly decline.

"The very sharp fall in the October PMI confirms that China is more integrated into the global economy than ever. Chinese manufacturers are seeing their order books cut, both at home and abroad, as the world economy falls into recession," said Eric Fishwick, CLSA's head of economic research.

"Costs are falling but so are output prices. The coming 12 months will be difficult ones for manufacturers, China included," he said in a statement.

October's survey saw a host of record declines in CLSA indicators.

Chinese manufacturing output contracted at the most marked rate in the PMI survey history due to declining new orders and stagnant market conditions, while the level of incoming new orders fell at the steepest rate on record, reflecting sluggish demand and an uncertain economic outlook.

Export sales also fell at a series record, as did staffing levels at firms in China's manufacturing sector, CLSA said.

Average input costs fell sharply in October, dragged lower by falling oil prices and stagnant global market conditions. However, average prices charged by Chinese manufacturers fell at the sharpest rate on record because of adverse demand conditions, CLSA said.