China's official Manufacturing PMI hit a 19-month low

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Wednesday, Feb 28 2018

China's official Manufacturing PMI hit a 19-month low

China reported that its official manufacturing Purchasing Managers' Index hit a 19-month low in February with the Lunar New Year holidays contributing to slowing business activities. The country's official manufacturing PMI came in at 50.3 in February, lower than a Reuters' poll of 51.2, China's National Bureau of Statistics reported. The official manufacturing PMI reading was 51.3 in January. Chinese statistics bureau official Zhao Qinghe said in a report that manufacturing in February was hit by slowing production and demand as Lunar New Year fell in mid-February this year.

During this period, factory activities slow as the plants wind down and shut for the holidays. Even so, the data released on Wednesday still point to a "clear slowdown" in early 2018, said Julian Evans-Pritchard, Capital Economics' senior China economist in a note. There was a broad softening in demand, with new export orders being particularly weak, he added. Official services PMI meanwhile fell to 54.4 in February from 55.3 in January.

More in this category: « CB Consumer Confidence rose to 130.8 Eurozone CPI down to 1.2% »

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