Man­u­fac­tur­ing slows down for 7th straight month

China Daily (Canada) - - NEWS CAPSULE -

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.

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