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Manufacturing in China Slows Again
Manufacturing activity in China slowed again in February, according to the country’s Purchasing Manager’s Index.
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Manufacturing activity in China slowed again in February, according to the country’s Purchasing Manager’s Index. It was the seventh consecutive month of shrinkage, BBC News reports.
The state-backed PMI, which tracks large companies, fell to 49.0 last month from 49.4 in January. Any number below 50 indicates contraction.
BBC notes that the Caixin PMI, a privately sponsored index for smaller companies, dropped to a five-month low of 48.0 in February.
The two reports come a day after China’s central bank cut its reserve rate for commercial banks in an effort to encourage lending. BBC says analysts doubt that gains in services and domestic consumer spending will be enough to offset the continuing downturn in the manufacturing sector.
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