MNI BRIEF: China January PMI Falls Below 50 To Hit 5-Month Low
China's Manufacturing Purchasing Managers Index fell by 1.0 points to 49.1 in January, falling below the breakeven 50 mark for the first time in four months, missing market expectations of 50.1 and hitting the lowest level since August, data from the National Bureau of Statistics showed Monday.
The production and new orders sub-indices dropped 2.3 and 1.8 points to 49.8 and 49.2, as manufacturing production and market demand slowed towards Chinese New Year.
The non-manufacturing PMI registered 50.2, down 2.0 points from the previous month. The business activity sub-index for the service sector fell by 1.7 points to 50.3. Business activity in transportation, accommodation and catering rebounded above 50 due to increased traveling during the Spring Festival.