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- China’s manufacturing activity grows at slower pace in August, nonmanufacturing activity contracts - NBS
China’s manufacturing activity grows at slower pace in August, nonmanufacturing activity contracts - NBS
The
National Bureau of Statistics (NBS) reported Tuesday the Chinese manufacturing
purchasing managers' index (PMI), which mainly tracks large state-owned companies,
came in at 50.1 in August, down from 50.4 in the prior month, pointing to a
continuation of activity growth in China’s manufacturing sector, albeit at the
slowest pace since a contraction in February 2020.
Economists
had expected a number to slip to 51.3.
A reading above the 50-level indicates expansion, while one below 50 suggests contraction.
Meanwhile,
China's official non-manufacturing PMI, also released Thursday, dropped to 47.5
in August from 53.3 in July. This marked the first contraction in services sector activity since February 2020.
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