China Official PMI Falls to 51.1

The pace of activity in China’s vast manufacturing sector slowed in August, government data released Monday showed.

The official purchasing managers’ index (PMI) came in at 51.1 in August, a tad below expectations for a reading of 51.2 and down from a 27-month high of 51.7 in July. It remains above the 50-mark which separates expansion from contraction.  The final reading of HSBC’s flash manufacturing PMI for August is due later Monday. The flash reading came in at a three-month low of 50.3.

There was little reaction in Asian stock markets outside of Australia. Sydney shares widened their gains to 0.5 percent, hitting a more than one-week high, while the Australian dollar barely moved.  The figures follow a slew of disappointing economic data – from manufacturing to credit growth – over the past month despite a burst of government stimulus measures to support the economy.

CNBC

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