China’s manufacturing shrunk further in February, as output activities contracted more quickly than the previous month due to the weeklong Lunar New Year holiday.
The official manufacturing purchasing managers index (PMI), which gives a snapshot of operating conditions in the manufacturing sector, dipped further to 49.2 in February from 49.5 in the previous month, according to data released Thursday by the National Bureau of Statistics (NBS). The reading marks its lowest since February 2016.
A reading of 50 separates expansion from contraction. The higher the number above 50, the faster the expansion, while the further below 50, the greater the contraction. Manufacturing accounts for 30% of China’s gross domestic product.
China’s nonmanufacturing business activity index (BAI), which includes the services and construction sectors, fell to 54.3 in February from 54.7 in the month before, NBS data showed.
Sign in with Google
Sign in with Facebook
Sign in with 财新