China's manufacturing down to lowest in nine months
01 Sep 2012
China's manufacturing activity declined in August to a nine-month low, according to official figures, pointing to serious weakness in the world's second-largest economy.
The government's purchasing managers' index (PMI) was down to 49.2 in August from 50.1 in July, a statement released today by the China Federation of Logistics and Purchasing and the National Bureau of Statistics said.
A PMI reading above 50 shows expansion, while one below 50 points indicates a contraction.
The August reading was the lowest after 49.0 in November last year, and below the median forecast of 50.0 in a survey of 11 economists by Dow Jones Newswires.
China's official figures come following HSBC's closely watched purchasing managers' index hitting a preliminary figure of 47.8 for August, also the lowest since November in that survey, the British banking giant said last month.
The final PMI figure for HSBC is scheduled to be released on Monday.
