According to the latest purchasing managers index (PMI) flash reading published by the Hong Kong and Shanghai Banking Corporation (HSBC), in March this year
China's PMI declined to its lowest point of the past four months, i.e., 48.1, down 1.5 from 49.6 in February.
The index has been below 50 during the last five months. In March, the new orders index also decreased to 46.1 from 48.5 in February. Meanwhile, the employment index in March fell to 48.6 from 51.1 in February, constituting the lowest level since March 2009. As stated by analysts, this indicates that the slowdown in manufacturing activity has already had a negative impact on the employment market.