Caixin
Aug 31, 2022 04:49 PM
ECONOMY

China’s Factories Still Struggling as Power Cuts Curb Output

The Three Gorges Dam and low water levels along the Yangtze River in Yichang, on Aug. 23. Photo: Bloomberg
The Three Gorges Dam and low water levels along the Yangtze River in Yichang, on Aug. 23. Photo: Bloomberg

(Bloomberg) — China’s factory activity contracted in August for a second straight month, with the economy taking a hit from power shortages spurred by a historic drought, on top of a property market crisis and Covid outbreaks.

The official manufacturing purchasing managers index rose to 49.4 from 49 in July, according to a statement from the National Bureau of Statistics on Wednesday. That was slightly higher than the 49.2 in a Bloomberg survey of economists, but still below the 50 mark that separates expansion from contraction.

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