"Slow down you move too fast, you got to make the oil last....
![eusa_boohoo [smilie=eusa_boohoo.gif]](https://udev.peakoil.com/forums/images/smilies/eusa_boohoo.gif)
"
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China's manufacturing sector showed further contraction in March, according to a new report which mainly tracks activity in smaller factories.
The HSBC Purchasing Managers' Index (PMI) gave a reading of 48.1 for March, compared to 48.5 in February.
A reading below 50 indicates contraction, while one above 50 shows expansion.
The HSBC survey focuses on smaller companies in the private sector.
China's official PMI survey, weighted more towards bigger and state-owned enterprises, will be released later this month.
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China's exports also dropped 18% from a year earlier in February, leading to a trade deficit of $23bn (£14bn) for the month.
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Manufacturing contracting...exports dropping..a trade deficit... None of that sounds good for the world economy, but the sliver of silver lining for the cloud might be less oil used.