China’s Manufacturing Activity Shrinks as Power Cuts Bite, Caixin PMI Shows
Activity in China’s manufacturing sector slipped into contraction in August, as sporadic Covid-19 outbreaks and power cuts caused by a record heat wave weighed on factory operations, a Caixin-sponsored survey showed Thursday.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 49.5 in August, lower than 50.4 the previous month. A reading below 50 indicates a contraction in activity while a number above that signals an expansion.
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