Manufacturing contracts less in February

Manufacturing activity in China contracted for the seventh consecutive month in February, Bloomberg reported. Bokerage CLSA’s China Purchasing Managers’ Index, an indicator of manufacturing activity, was 45.1 in February, up from January’s reading of 42.2. A reading below 50 indicates contraction. Weak exports due to the global financial crisis continue to be blamed for the poor figures. While still indicating weak manufacturing activity, the February number marked the third consecutive monthly increase since the PMI hit a record low of 40.9 in November.