Quote:Official gauges of China’s factory and nonfactory activity plunged to record lows in February as the domestic economy struggled to resume normal production amid the coronavirus epidemic.

The official manufacturing purchasing managers index tumbled to 35.7 in February from 50 in January, indicating a deep contraction. February’s reading from the National Bureau of Statistics released Saturday was the first official data for a full month of economic activity in China since the coronavirus began affecting the economy in late January.

The 50 mark separates expansion from contraction for this key leading indicator. The index dropped to 38.8 in November 2008, when the financial crisis gripped the world.

As for the broader view, China’s nonmanufacturing PMI, also released on Saturday, sank to a record low of 29.6 in February from 54.1 in January. This includes key sectors such as retail, aviation, real estate and construction.

The February result came in far below the median forecast of 43 by economists surveyed by the Wall Street Journal.

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