China Manufacturing Sector Slips Into Contraction - Caixin

RTTNews | 1471 days ago
Stocktwits
China Manufacturing Sector Slips Into Contraction - Caixin

(RTTNews) - The manufacturing sector in China fell into contraction territory in August, the latest survey from Caixin showed on Thursday with a manufacturing PMI score of 49.5.

That's down from 50.4 in July, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Though only slight, it marked the first drop in sales for three months. Panelists commented that generally subdued market conditions, power cuts and lingering COVID-19 impacts had all dampened overall sales. Foreign demand also fell back into contraction, with new export business decreasing modestly.

Production growth meanwhile eased to a marginal pace that was the softest seen for three months. While there were reports that output was still recovering from pandemic-related disruption, power supply issues and temporary factory closures due to the recent heatwave had constrained overall growth.

Tags: CNY
Stocktwits
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