China’s manufacturing PMI falls more than forecast in Feb
The official data also showed that the country’s services PMI declined to the lowest levels seen since December 2008, posting a reading of 52.7 in February, down from January’s 53.5. Measures of new orders, selling prices, employment, backlogs and inventories all posted reading below 50.
Weaker manufacturing activities in February were mainly driven by seasonal effects stemming from the week-long Chinese New Year holidays; however holidays were seen as positive for the services sector as it boosted holiday spending and domestic tourism. Some economists commented that the Chinese economy still needs policy support.
Meanwhile, a separate PMI report released by Caixin Media and Markit Economics fell to a reading of 48 in February from a reading of 48.4 in January.
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