Chinese manufacturing PMI for August has just been released, and it’s a shocker.
The government’s official gauge fell to 49.7 from 50.0 in July. The reading marked the fastest pace of contraction since August 2012, and was in line with market expectations.
A PMI reading below 50 points to declining levels of activity.
Alongside the manufacturing gauge, the NBS also reported that the expansion in non-manufacturing sectors cooled in August.
The non-manufacturing PMI reading fell to 53.4 from 53.9 in July.
While activity continued to expand, it is modest compared to levels seen in previous years.
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