China Lands Hard: Rail Volume Plunges, PMI Tumbles Into Contraction, Employment Worst Since Lehman

Tyler Durden's picture

Chinese rail freight collapses 9.1% YoY; China Manufacturing PMI tumbled back to a contractionary 49.2 - lowest in 11 months; and the Employment sub-index plunged to its lowest since Lehman ... yeah but apart from that, everything is awesome. And for those excited about just how disastrous Chinese data is (and thus how huge the next stimulus unleashing will be), think again - China now sees exactly where the last trillion dollar QE went... a de minimus and unsustained blip in the economy and liquidity-fueled rampage in stocks (which is not what a corruption-crackdown politburo wants to encourage).




Double Whammy: China Manufacturing PMI prints 49.2 - lowest in 11 months


Everything is un-awesome...


Triple Whammy: Employment collapses...


*  *  *

Copper prices have continued to collapse and retraced the entire US day session jerk higher...


And Shanghai Composite tried to rally but failed...

*  *  *

Of course, HSBC and Markit are screaming for moar QE...

“The HSBC Flash China Manufacturing PMI signalled a slight deterioration in the health of China’s manufacturing sector in March. A renewed fall in total new business contributed to a weaker expansion of output, while companies continued to trim their workforce numbers. Meanwhile, manufacturing companies continued to benefit from falling input costs, stemming from the recent global oil price decline. However, relatively muted client demand has led firms to pass on savings in a bid to boost new work, and cut their selling prices at a similarly sharp rate.”

And sure enough...


Charts: Bloomberg

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OldPhart's picture

And the required "Sum Ting Wong"

Publicus's picture

Time for war. A trillion yuan stimulus to build a thousand nuclear missles.

Pool Shark's picture



Excuse me, but if you wish to avoid copyright infringement, the proper usage is:


Worst Since Lehman®©™

zilztrain's picture

I'm sorry, but we prefer "Lehperson".

CapnJackDaniel's picture

This is the worst use of "Worst since Lehman", since Lehman.

boogerbently's picture


They'll be a MUCH better choice as "World Reserve Currency".

ebworthen's picture

Funny how they have the same decreasing ball bounce from progressive QE's that the U.S., Europe, and Japan have.

MrTouchdown's picture

Don't worry scrot! The official Chinese figures will make everything OK again. If you put all of their graphs together in a certain way, you will see the Unicorn of Prosperity (or you will be taken to re-education camp).

jal's picture

The firing squad fixes all problems.

Tall Tom's picture

Lethal Injection with Organ Harvesting may yield revenue.


Firing Squads are a waste.

one_hundred's picture
one_hundred (not verified) FreeShitter Mar 23, 2015 10:49 PM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...

Automatic Choke's picture

hey, one_hundred -

go sell this in china, it sounds like there might be a better market there.

Tall Tom's picture

What? You are stealing my idea of lethally injecting people and selling their organs online?


You must be from China

Laowei Gweilo's picture

chinese don't have trouble pronouncing 'R's, retard

Your guess is as good as mine's picture
Your guess is as good as mine (not verified) HolyfieldsOtherEar Mar 24, 2015 4:29 AM

Das Lacist!

roddy6667's picture

You can make a Chinese person have a seizure by asking him to pronounce "brake fluid". The best they can do is "bway foo".

And skip the down votes. I live in China and volunteer teach English. R' and L's are a big hurdle.

Apostate2's picture

The 'L' is not a problem 'Mr Teach English in China' but the the 'R" is a cross between the English 'R' and the "y" glottal. 

I don't know where (if) you are teaching English in China but get the wax out of your ears.

roddy6667's picture

I teach the proper English pronunciation, which does not have an exact match in Chinese. That's why they have a problem with it. In other words, what I said.

BTW, show them a Rolex or a picture of one and ask what it is. they will say "Lorex".

In other words, what I said.

PTR's picture

We tongue-twisted some folks.

BullyBearish's picture

No's got to be much BIGGER than this

TruthInSunshine's picture


There's a reason China dripped this partial 411 as to their deteriorating economy.

They intentionally released a partial truth of their actually real degradation for a purposeful reason (things are far worse than what they're revealing- FAR WORSE - but still).

This is a big development.

We're now in the shit in terms of the global economy in a way we have not been since 2008.

China's crashing exports can be felt & seen in a very real, very profound way.

This is a big, big development.

NoDebt's picture

TIS-  If you tell anyone I'm agreeing with you, I'll deny it.  But I'm agreeing with you.

It is not small.  I has not just been happening in the last month or two.  

Soul Glow's picture

Hey, China's ghost cities are bullish!

HardlyZero's picture

Reducing Chinese Oil imports...shrinkage.

Hory Shit !! 

Just as Global Oil Glut Deepens, China Cuts Oil Imports

boogerbently's picture

Greece wants to be commie anyway, so, let's move them to those ghost cities in China.

Problem solved.

Harbanger's picture

I love all this theater.  Fools looking for reasons.

new game's picture

liars lie and the msm repeats til it is the new belief. eventually the real numbers are unavoidable. but it buys time to distort the reality of their lies. in the mean time

we get to speculate on the truth...

yrad's picture

Dead Canary's picture

Ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha!

I know right! Ha, ha, ha, ha, ha, ha.

Chinese.....   Ha, ha, ha, ha, ha, ha.

Numbers.....  He, he, he.

Stop. STOP!  Yur killin me here!

iofera's picture
iofera (not verified) Mar 23, 2015 10:07 PM

Folks like to pretend China's got everything planned out. A new gold currency, high single-digit growth, $4 trillion of currency reserves, etc. After all, isn't China just one big miracle for the world to emulate?! But China's got plenty of problems of its own to deal with and may well have to spend down a lot of those reserves to tamp this down.

Salah's picture

Exactomundo. China is in world-o-shit from a cosmic perspective.  Per Mao's founding, transiting Pluto just now in natal #2 (portable wealth), derived #5 (speculation), Saturn later in 2015 goes into natal #1 (self-confidence), derived #4 (real estate).  Things will get very messy.

Squid-puppets a-go-go's picture

Remember folks... in the depression, america crashed with europe - even though America was the creditor to europe.who emerged global hegemon after WW2?  The creditor - America

China is in a world of hurt but if there's anything left after the next war, china is likely to be the stronger

HardlyZero's picture

we all have missiles of many kinds, grasshopper.

China has plenty of economic ammo to roil the markets for the next 10 years.

Expect sparks...then fireworks.


If they could just release some really really bad numbers that would collapse the entire fiat structure.

Who runs bartertown ?   

Who makes join the China Infrastrucutre Fund.

Who blinks ?

Tall Tom's picture

He will not debate.


He just does not get it.


I write the responses for the rest of you...who actually have a brain.


Yeah. If bartertown collapses then we are all  fucked.


As the USA is a debtor nation we cannot handle a Deflationary Depression. Our Government becomes insolvent and bankrupt if we decide to save the US Dollar.


China will go into a Deflationary Depression as they hold the credit and we will print ourselves into a Hyperinflationary hell in order to pay the US Government's Financial Obligatrions, destroying the US Dollar in the process.


That means that EVERY Nation's Central Bank that has Dollars in reserve is fucked. It will be a cascading Daisy Chain of insolvencies.


The consequences of a Global Reserve Currency undergoing a Hyperinflationary inferno has not yet been experienced.


We are about to experience that pain.


We will live in interesting times.



Tall Tom's picture

And just where will they liquidate their $1 Trillion in US Government Bonds, Amerikan Patriot?


What will that do to the US Bond Market?


Can you think past your nose?...For once?

new game's picture

what you suggest is fuck yourself over by fucking usa and in turn fuck thyself.

ever read what you write? china is boxed in a corner too. their real problems are clean air and water...

roddy6667's picture

They are making progress. Do you remember how bad the rivers and air were in the Fifties and Sixties in America? Back when we had the industry to make the dirt?

I didn't think so.

So many critics have only a 10 year memory.

Apostate2's picture

Then explain why they opted for regressive and outdated technologies in the 1990s?

Tall Tom's picture

New Game...I am not suggesting anything like all.


In fact I know that China is in between a rock and a hard place.


What I am writing is that if China falls then so does the USA.


That is just the fact.


I am not cheerleading that. (Amerikan Patriot is cheerleading the collapse of China,on the otherhand.)

I Write Code's picture

US rail stocks were down today, too.

Dead Canary's picture

AND Baltic dry is in the gutter. Wait, I...I think I see a pattern here.