Business conditions for China’s manufacturers continued to deteriorate in April, according to the monthly Caixin China Purchasing Managers’ Index, which fell to 49.4 from 49.7 points in March. All of the index’s components lost ground month-on-month, with total manufacturing output slipping below the 50-point neutral level. Total new orders stagnated in April and new export orders fell for the fifth month in a row. Weak demand for Chinese manufactured goods contributed to a solid decline in overall staffing, with some companies downsizing and others choosing not to fill vacant positions. Overall, the job-shedding rate in April was only marginally less dramatic than February’s cuts, which were the worst in seven years.
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