02/11/18

Satellite Imagery Confirms China's Economy Contracted In October



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Satellite Imagery Confirms China's Economy Contracted In October
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Earlier this week, first China's official PMI and then the small-company focused Caixin PMI report confirmed that while China's economy was slowing, it had yet to contract, as the (famously goalseeked) indices printed just above the 50-level which separates expansion from contraction.

Not so according to a third, and more objective measurements of Chinese manufacturing. According to an index based on satellite imagery, China's manufacturing output contracted in October, refuting the official narrative of modest but persistent expansion.

The China Satellite Manufacturing Index compiled by the U.S.-based firm SpaceKnow, which uses ...

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