Economic Indicators
China’s August factory activity contracts for second month – official PMI
2022.08.31 04:50
FILE PHOTO: Employees work on the production line at Jingjin filter press factory in Dezhou, Shandong province, China August 25, 2022. REUTERS/Siyi Liu
BEIJING (Reuters) – China’s factory activity contracted less than expected in August, shrinking for the second straight month, as COVID flare-ups, power rationing amid the worst heatwaves in decades and the embattled property sector pressured manufacturers.
The official manufacturing Purchasing Managers’ Index (PMI) edged up to 49.4 in August, from 49.0 in July, data from the National Bureau of Statistics (NBS) showed on Wednesday.
The 50-point mark separates contraction from growth on a monthly basis.
A Reuters poll had expected the PMI to come in at 49.2.
