Manufacturing pace falls to a 6-month low
China’s manufacturing activity continued to decrease in January, hitting a six-month low and adding to further concerns about China’s economic slowdown.
Data from China’s National Bureau of Statistics show that the bureau’s official Purchasing Managers’ Index (PMI) fell half a point to 50.5, down from 51 in December, according to figures released on Saturday, the second day of the Lunar New Year holiday. A reading over 50 indicates an expansion of the sector compared to the previous month and a reading below 50 means a contraction. A reading of 50 reflects no change.
The bureau said that the PMI is in line with market expectations, and was influenced by the holiday, which began on Friday, traditionally a time when manufacturing activity slows.