Beijing, Sep 1 (IANS) China’s manufacturing activity further slid in August with the purchasing managers index (PMI) standing at 49.2 percent, the lowest pace in nine months.
The PMI reading in August retreated from 50.1 percent in July, according to data released Saturday by the China Federation of Logistics and Purchasing (CFLP).
“The PMI continued to dip in August to a point below 50 percent, which shows the manufacturing sector is contracting,” Xinhua quoted Zhang Liqun, an analyst at the Development Research Center of the State Council, as saying.
A reading of 50 percent demarcates expansion from contraction.
The falling PMI also indicated the world’s second-largest economy remains in a downward movement, according to a CFLP statement.
