(IndustryWeek – AFP)
Growth in Chinese manufacturing activity slowed in August, two closely watched surveys showed Monday, losing momentum as a declining property sector and waning stimulus effects weigh on the world’s second-largest economy.
The official purchasing managers index (PMI) came in at 51.1 last month, the National Bureau of Statistics said in a statement. The figure was down from 51.7 in July, and the first decline since slipping to 50.2 in February, according to previous data. Readings above 50 indicate growth, while anything below points to contraction.
Separately, British bank HSBC announced a fall in its own survey to a final reading of 50.2 for August, down from an 18-month high of 51.7 in July and its lowest level in three months. The indices track manufacturing activity in China’s factories and workshops and are closely watched indicators of the health of the economy. Read more here.