Factory growth eased in August from July’s 17-month record pace as new orders came in at a slower clip, a business survey showed on Monday.
The HSBC Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
The new orders sub-index fell to 54.5 from 55.9, still considered a healthy pace of expansion. “Output and new orders slowed slightly in August, but remained robust relative to their 12-month history,” said Frederic Neumann, co-head of Asian economic research at HSBC.
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