China’s factory activity expanded in February at a slower pace than a month earlier, hitting the lowest level since last May and missing market expectations after brief COVID-19-related disruptions earlier in the year. Chinese factory activity normally goes dormant during the Lunar New Year break as workers return to their home towns. A sub-index for activity among small firms stood at 48.3 in February versus 49.4 a month earlier. A sub-index for employment in the official PMI stood at 48.1 in February, down from January’s 48.4 as firms laid off more workers and at a faster pace. In the services sector, activity expanded for the 11th consecutive month but at the slowest pace in a year.

Source: Standard Digital February 28, 2021 07:18 UTC