China Factory Activity Extends Slide as Headwinds Mount
- Manufacturing PMI misses estimates, services index improves
- Data adds to recent weak numbers suggesting GDP target at risk
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China’s factory activity contracted for a fourth straight month in August, the latest sign the world’s No. 2 economy may struggle to meet this year’s economic growth target.
The official manufacturing purchasing managers’ index declined to 49.1 from 49.4 in July, the National Bureau of Statistics said on Saturday. The median forecast of economists surveyed by Bloomberg News was 49.5. The reading has been below the 50-mark separating growth from contraction for all but three months since April 2023.