China’s factory activity slows, while services slumpReuters, BEIJINGChina’s businesses and the broader economy came under increasing pressure last month as factory activity expanded at a slower pace while the services sector slumped into contraction, raising the likelihood of more near-term policy support to boost growth. The manufacturing PMI showed demand slipped sharply, with new orders contracting and a gauge for new export orders falling to 46.7, the lowest in more than a year. Adding to signs of a broadening economic slowdown, COVID-19-related restrictions drove services sector activity into sharp contraction for the first time since the height of the pandemic in February last year. The official non-manufacturing PMI last month was 47.5, well down from July’s 53.3, bureau data showed. The official composite PMI for last month, which includes both manufacturing and services activity, fell to 48.9 from July’s 52.4.

Source: Taipei Times August 31, 2021 15:56 UTC