China's manufacturing PMI unexpectedly contracted in January, reversing the expansionary trend seen in the previous three months. The contraction is attributed partly to the slowdown ahead of the Lunar New Year holiday. The non-manufacturing PMI, which measures services and construction activity, also declined in January.
China's factory activity in January unexpectedly contracted, reversing the expansionary momentum in the past three months, partly due to a slow season ahead of the Lunar New year.
The reading fell short of Reuters poll estimates of 50.1. PMI in December came in at 50.1, while in November it was 50.3. A PMI reading above the 50 threshold indicates expansion in activity, while one below that denotes contraction.The manufacturing PMI in January tends to be softer, as migrant workers return to hometowns ahead of the Chinese New Year, which falls on Jan. 29, said Hui Shan, chief China economist at Goldman Sachs.
ECONOMY MANUFACTURING CHINA PMI LUNAR NEW YEAR
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