China's manufacturing activity growth slowed in December, missing analysts' expectations and signaling that Beijing's stimulus measures may not be enough to significantly boost the struggling economy. While the official purchasing managers' index (PMI) came in at 50.1, missing Reuters' prediction of 50.3, production and new orders rose in sectors like food processing, general equipment, and beverages. However, the non-manufacturing PMI, which measures services and construction, improved to 52.2 from 50.0 in November.
The country's official purchasing managers' index for December came in at 50.1, data released by the National Bureau of Statistics data showed.
The reading missed Reuters' expectations of 50.3. Manufacturing activity came in 50.3 in November and 50.1 in October. A PMI reading above 50 indicates expansion in activity, while a figure below that points to contraction.Production and new orders for sectors including agricultural and sideline food processing, general equipment and food and beverages rose, the National Bureau of Statistics said.
Ivy league sociologist: The 4-word phrase you should never say to your kids if you want them to be successful and well-adjusted "For the Chinese economy, the year of 2024 will be remembered as a year of muddle-through," said Larry Hu, Macquarie Group's chief China economist.
CHINA ECONOMY MANUFACTURING PMI STIMULUS MEASURES NON-MANUFACTURING PMI SERVICES SECTOR
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