PGJ - China Manufacturing Stabilises In February But Employment Falls Sharply Again

• Manufacturing production in China stabilised in February, according to PMI survey data produced for Caixin by IHS Markit, in a welcome sign of the economic impact of the Omicron wave ebbing.
• The renewed growth of new orders reported in February helped stabilise manufacturers' backlogs of orders - the amount of work in hand available to sustain production in coming months - which had fallen sharply in January.
• From a broader perspective, the steadying of production in China during February, and the avoidance of a drop in production due to the Omicron wave, will be welcome news for policymakers in other countries, boding well for global supply chains emanating out of mainland China.

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