Markets have become increasingly jittery over the performance of China’s economy after a disappointing showing in recent months. Industrial production growth in August slowed to its lowest level since the 2008 global financial crisis, while its economically vital property market slid for a fourth straight month.
The PMI sub indexes also uncovered worrying signs about the job market. A measure of employment shed more than a point, dropping to 46.9 – its lowest since February 2009 when a collapse in exports threw tens of millions of Chinese out of work.
This could raise alarm bells for the Chinese government, which has indicated it will tolerate slower economic growth as long as employment is not affected.
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