– China’s economy remains under pressure but some mixed data out Monday morning offers a glimmer of hope.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), released Monday morning, recorded an increase to 50.4 in August (with a number over 50 signalling expansion) up from 49.9 in July.
However, the official PMI released on Saturday by the National Bureau of Statistics (NBS) suggested a gloomier outlook. The NBS said the official PMI for August came in at 49.5, down from 49.7 in July.
Marking a more positive note, services seem to be doing better. The official non-manufacturing PMI rose for the first time in five months to 53.8 in August from 53.7 in July.
“China’s economy showed signs of a short-term recovery, but downward pressure remains a long-term problem,” Zhong Zhengsheng, director of macroeconomic analysis with CEBM Group, told Caixin, a mainland China business publication.
The Caixin index suggested the that manufacturing output expanded in August but the growth rate remains below historical averages.
