Chinese manufacturing hits record lows amid Wuhan virus
BEIJING ??Some great news coming out of China amid the whole Wuhan virus debacle.
Chinese manufacturing activity plummeted at a record rate in February, while the boys in Beijing were lying to the world about the extent of the coronavirus.
According to the Beebs, the country's official manufacturing activity ??the Purchasing Manager's Index (PMI) ??dropped to 35.7 from 50 in January.
This means the made in China virus is having a much bigger impact than the subprime mortgage crisis that rocked the financial world in 2008.
The BBC reports that the data also hints that factories are having a hard time finding enough workers.
And since China makes up a third of global manufacturing and is the world's biggest exporter, this PMI drop will have an effect on other countries.
According to the BBC, companies like Apple, Diageo, Jaguar Land Rover and Volkswagen have all been affected.
Many companies rely on China's 300 million migrant workers, a third of which are still under quarantine.
Bloomberg Economics reports that Chinese factories are operating at 60 percent to 70 percent of capacity this week.
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