China’s Official Manufacturing PMI Falls in August

China’s official manufacturing purchasing managers index fell to 49.7 in August from 50.0 a month ago, the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics, said in a statement Tuesday.

The August PMI fell short of the median 49.8 forecast from a Wall Street Journal poll of 10 economists.

A PMI reading above 50 indicates an expansion in manufacturing activity, while a reading below points to a contraction.

The subindex measuring new orders dropped to 49.7 from 49.9 in July, while the production subindex improved/decreased to 51.7 from 52.4, the statement said.

The preliminary Caixin China manufacturing PMI, a competing gauge of nationwide manufacturing activity, declined to 47.1 in August, its lowest level in 77 months.

For its final reading, the Caixin China manufacturing PMI fell to 47.3 in August from 47.8 in July, its lowest point in more than six years, Caixin Media and research firm Markit said Tuesday.

China’s official nonmanufacturing PMI, also released on Tuesday, fell to 53.4 from 53.9 in July.

via WSJ

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.