People pass through a gate at the Forbidden City in Beijing, capital of China, March 27, 2023.
Xinhua News Agency | Xinhua News Agency | Getty Images
Factory activity in China shrank for a fifth straight month in August, while non-manufacturing activity hit another yearly low – mixed signs that the slowdown in the world’s second-biggest economy may be bottoming soon.
The official manufacturing PMI was 49.7 in August, according to data from the National Bureau of Statistics released on Thursday.
The August reading was better than the median forecast by a Reuters poll of 49.4 and July’s reading of 49.3.
Data on Thursday also showed that China’s official non-manufacturing PMI fell to 51.0 in August – compared to 51.5 in July and 53.2 in June.
A PMI reading above 50 indicates an expansion in activity, while a reading below this level indicates a contraction.
This is an evolving story. Please check back for more updates.
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