A survey of factory managers in China showed manufacturing declined in December, the latest sign that the world's second-largest economy remains sluggish. The National Bureau of Statistics reported Sunday that the official purchasing managers' index, or PMI, fell to 49 last month, which officials said was evidence of weak demand. This was the third consecutive month of contraction. The PMI is on a scale up to 100 where 50 represents the difference between expansion and contraction. The services sector PMI sub-index was 49.3, however, unchanged from November's reading.

Source: ABC News January 01, 2024 17:35 UTC