Staxx Bounces Back
Most Chinese forklift factories are back in production after shutting down, following China’s measures to contain the coronavirus outbreak. “The Staxx factory has been back to normal production capacity since March,” said Thomas Wang, export director of Ningbo Staxx Material Handling Equipment. “Workers are still following government instructions, wearing masks, undertaking daily disinfection, and having their temperature monitored daily.”
The Caixin China manufacturing purchasing managers index (PMI), which focuses on smaller, private manufacturers, has rebounded from a record low and moved into positive territory in March (50.1) from 40.3 in February. The 50 mark separates contraction from expansion. According to an independent analysis, the report reinforces China’s official manufacturing index which showed early signs of economic recovery amid the coronavirus pandemic. Wang added that “The spread of the virus in the US and Europe has led to some reduction in demand and requests to postpone deliveries.”
China’s official manufacturing PMI, which focuses more on large, state-owned firms, jumped to 52.0 in March from a record low of 35.7 in February, according to the National Bureau of Statistics.