The Magazine for Asian Investors
China’s National Bureau of Statistics (NBS) reported today that the manufacturing purchasing managers’ index (PMI) rose to 49.4 in August from 49 in July.
The PMI is below 50 for the second month in a row, suggesting that China’s manufacturing sector remains in a contraction phase. While COVID-19 remains an issue in China, there are also other problems, such as energy rationing measures at a time when China is facing the worst heat wave in decades, and the collapse of the real estate market.
China’s services PMI fell to 52.6 in August from 53.8 in July.