Private survey shows China's manufacturing sector grew in August at fastest pace in nearly 10 years
Results of a private survey on Tuesday showed China's manufacturing activity expanded in August at the fastest pace in nearly a decade.Economists polled by ReutersPMI readings above 50 indicate expansion, while those below that level signal contraction. The readings are sequential and indicate on-month expansion or contraction.joint report.
"Manufacturing demand and supply continued to recover, and overseas demand started to pick up," wrote Wang Zhe, a senior economist at Caixin Insight Group. In August, "the subindices for output and total new orders again hit their highest levels since January 2011." The gauge for new export orders also entered expansionary territory for the first time this year, as the coronavirus outbreak slowed overseas, added Wang.
China's manufacturing sector has been battered as factories temporarily shut earlier this year due to large-scale lockdowns to contain the coronavirus pandemic. Global demand was also hit as the virus spread around the world.On Monday, China's National Bureau of Statistics reported thatcame in at 51.0, slightly missing analysts expectations for a 51.2 reading.
The official PMI survey typically polls a large proportion of big businesses and state-owned companies. In comparison, the private Caixin and IHS Markit survey features a bigger mix of small- and medium-sized firms.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China says manufacturing activity expanded in August, slightly missing expectationsChina's official manufacturing Purchasing Manager's Index (PMI) for the month of August came in at 51.0 as compared to 51.1 in July, according to the National Bureau of Statistics.
Read more »
China reports 17 new COVID-19 cases on August 30 vs nine a day earlierChina reported 17 new COVID-19 cases on Aug. 30, up from 9 reported a day earlier, the country's health authority said on Monday.
Read more »
Senior China diplomat says it's possible to agree EU-China investment accord by end-2020The Chinese government's top diplomat, State Councillor Wang Yi, said on Sunday it was possible to conclude an EU-China investment accord by the end of 2020.
Read more »
As KFC Recovers in China, Parent Yum China Plans Big Hong Kong ListingChina’s largest restaurant company has begun taking orders for a Hong Kong share sale that could raise more than $2.5 billion.
Read more »
Madame Clairevoyant: Horoscopes for the Week of August 31On Tuesday night, there will be a full moon in intuitive Pisces, activating the emotions you’ve been trying to suppress or the insights you’ve been trying to ignore
Read more »
Stock market live updates: Stocks mostly lower, new Dow additions, best August since 1984Both the S&P 500 and the Dow Jones Industrial Average fell early into the month’s final trading session. Follow along with the latest stock market updates here:
Read more »