BEIJING — Some great news coming out of China amid the whole Wuhan virus debacle.<br /><br />Chinese manufacturing activity plummeted at a record rate in February, while the boys in Beijing were lying to the world about the extent of the coronavirus.<br />According to the Beebs, the country's official manufacturing activity — the Purchasing Manager's Index (PMI) — dropped to 35.7 from 50 in January. <br />This means the made in China virus is having a much bigger impact than the subprime mortgage crisis that rocked the financial world in 2008. <br />The BBC reports that the data also hints that factories are having a hard time finding enough workers.<br />And since China makes up a third of global manufacturing and is the world's biggest exporter, this PMI drop will have an effect on other countries. <br />According to the BBC, companies like Apple, Diageo, Jaguar Land Rover and Volkswagen have all been affected. <br />Many companies rely on China's 300 million migrant workers, a third of which are still under quarantine. <br />Bloomberg Economics reports that Chinese factories are operating at 60 percent to 70 percent of capacity this week.
