Manufacturing slows down for 7th straight month
China’s manufacturing activity contracted for a seventh straight month in February, a sign of persistent economic weakness, official data showed.
The purchasing managers’ index (PMI) came in at 49, down from January’s 49.4, National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing said on Tuesday.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The index fell to its lowest level since August 2012, as China is seeking new economic growth engines amid a campaign to cut industrial overcapacity.
The Caixin General China Manufacturing Purchasing Managers’ Index, another indicator of manufacturing activity, fell to 48 in February from 48.4 in January. The reading, which was also released Tuesday, was the lowest in five months.