BEIJING--An official gauge of China's factory activity expanded at a slower pace in August, as the country's small manufacturers struggled to survive while massive floods hurt production.
China's official manufacturing purchasing managers' index fell to 51.0 in August from 51.1 in July, the National Bureau of Statistics said Monday.
The reading was lower than the median forecast of 51.2 from a Wall Street Journal poll of economists. The result marked the sixth consecutive month that the major gauge of China's manufacturing activity was above the 50 mark that separates expansion from contraction.
The subindex measuring production dropped to 53.5 in August, compared with July's 54.0. Total new orders increased to 52.0 in August, compared with 51.6 in July. New export orders rose to 49.1 and while it still below the 50 mark it was an improvement from July's 48.4.
Around half of the small enterprises surveyed by the statistics bureau reported insufficient market demand and tightened liquidity and said their production and operations still faced many difficulties, said Zhao Qinghe, an analyst with the statistics bureau. Some enterprises in Chongqing, Sichuan and other places were affected by floods, he added.
China's nonmanufacturing PMI, which includes service and construction activity, was also released Monday and rose to 55.2 in August compared with 54.2 in July.
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August 31, 2020 at 08:40AM
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China factory activity weaker than expected - MarketWatch
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