People pass through the gates of the Forbidden City in Beijing, the capital of China, on March 27, 2023.
Xinhua News Agency | Xinhua News Agency | Getty Images
China’s factory activity contracted for the fifth consecutive month in August, with non-manufacturing activity hitting a new low this year. This suggests that the slowdown in the world’s second-largest economy may not have bottomed out yet.
According to the announcement, the official index of manufacturing purchasing managers was 49.7 in August, up slightly from 49.3 in July. National Statistics Office data It was released on Thursday. This beat the median estimate of 49.4 in a Reuters poll.
Thursday’s data release also showed that China’s official non-manufacturing PMI fell to 51.0 in August, compared with 51.5 in July and 53.2 in June. A PMI reading above 50 indicates an increase in activity, while a reading below that level suggests a decrease in activity.
This is a developing story. Check back for more updates.