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Taiwan manufacturing PMI plunges on holiday, earthquake

Xinhua, March 7, 2016 Adjust font size:

Taiwan's purchasing managers' index (PMI) for the manufacturing sector plunged 9.9 points in February to 41.4, the lowest since the index was first compiled in 2012, new data showed on Monday.

The fall was mainly because of the nine-day Chinese New Year holiday and the earthquake which hit Taiwan on Feb. 6, halting production by many companies, according to a report by local think tank the Chung-Hua Institution for Economic Research.

The index contracted after reaching a nine-month high of 51.3 in January. A PMI reading above 50 shows expansion in manufacturing activity, while a figure below 50 signals contraction.

The sub-index for new orders plummeted 16.4 points to 37 last month, and that for production was sharply down 25.9 points to 29.4, the data showed.

The sub-index for employment was down 4.7 points to 45.1. The one for inventories dropped for the ninth month to 44.5.

The non-manufacturing index dropped to 42.9 in February from 48.8 a month earlier, as the sub-indices for business activity and new orders respectively plunged by 12 points and 8.6 points, according to the institution. Endi