CHINA ECONOMY MANUFACTURING

Release of figures on NBS Manufacturing in China

epa11189990 People walk on the Bund, in Shanghai, China, 29 February 2024 (Issued 01 March 2024). According to the National Bureau of Statistics of China, the official NBS Manufacturing Purchasing Managers' Index (PMI) in China slightly declined from 49.2 percent to 49.1 percent in February 2024, in line with market expectations. This marks the fifth consecutive month of contraction in factory activity, primarily due to deflationary pressures, weak demand, and persisting weakness in the property sector. The decline was noted in new orders, foreign sales, and employment, with buying levels shrinking faster, and output contracting for the first time in nine months. The delivery time also lengthened for the first time since February 2023. Input cost inflation eased to an eight-month low, while output prices fell further. However, sentiment improved slightly in February after hitting a seven-month low in January. EPA/ALEX PLAVEVSKI

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