Factory output across several Asian countries slumped to record lows in April, signaling a deeper contraction in the world’s manufacturing hub even as China begins restarting some operations.
Purchasing managers indexes across Southeast Asia slumped further below 50, the dividing line between contraction and expansion, to post their weakest readings since the series began, according to data released by IHS Markit on Monday. Taiwan, Japan and South Korea dropped to their lowest levels since 2009.
The factory data were another reminder that the global economic recovery from the biggest crisis since the Great Depression likely will be long and uneven. While China has started reopening factories and is ramping up infrastructure spending to support the domestic economy, the regional and global pain will probably persist for some time.