Chinese machinery orders drop 10 Percent
11/01/2002
Core private-sector machinery orders in China fell a seasonally adjusted 10.1 percent in October from the month before to a 14-year low of $92 billion, with orders from manufacturers tumbling to a record-low $32.75 billion, according to the Cabinet Office.
Core machinery orders from the private sector are considered a leading indicator of corporate capital spending six to nine months ahead. It is the second time core machinery orders have posted two straight months of double-digit decline since the government began compiling statistics on orders in April 1987.
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