China’s Aug manufacturing PMI exceeds expectations
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, data released by China’s National Bureau of Statistics showed that the country’s official manufacturing Purchasing Managers’ Index (PMI) increased to the reading of 51.7 in August, exceeding economists’ expectations of 51.3 in a survey conducted by Reuters.
The August reading is also up from July’s 51.4 while standing at par with June’s figure. Any figure above 50 represents an expansion while any figure below 50 shows a contraction.
The increase was attributed to a pickup in exports as well as local infrastructure spending, which also eased concerns regarding a slowdown in growth and high debt levels. Meanwhile, China’s official services PMI fell to 53.4 in August from July’s 54.5.
However, the world’s second largest economy’s growth in the second half of the year is still expected to decelerate by many economists in line with the government’s severe measures on debts.
The August reading is also up from July’s 51.4 while standing at par with June’s figure. Any figure above 50 represents an expansion while any figure below 50 shows a contraction.
The increase was attributed to a pickup in exports as well as local infrastructure spending, which also eased concerns regarding a slowdown in growth and high debt levels. Meanwhile, China’s official services PMI fell to 53.4 in August from July’s 54.5.
However, the world’s second largest economy’s growth in the second half of the year is still expected to decelerate by many economists in line with the government’s severe measures on debts.
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