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MNI BRIEF: Caixin China Aug Manufacturing PMI Falls Below 50

MNI (Singapore)
BEIJING (MNI)

China's August Caixin manufacturing PMI fell 0.9 points to 49.5, dipping back into the contraction zone below 50, as ongoing Covid-19 cases in some areas and tight power supply due to heatwaves and drought pressure the economy, the financial publisher said Thursday.

Manufacturing supply rose in August, but demand shrunk again. The production sub-index has been above 50 for three consecutive months, though expanding at a slower pace as some factories were temporarily shut due to power outages. While both the new orders and new export orders sub-indices fell below 50 after two months of gains.

Caixin's PMI mainly tracks small and medium-sized manufacturers. The official PMI covers mainly large state-owned companies and, released on Wednesday, rose 0.4 points to 49.4 in August.

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