Posted 1/2/2024, 6:27:00 AM
China's Factory Activity Contracts for 3rd Month Amid Weak Demand
- China's factory activity contracted for the third straight month in December, indicating continued economic sluggishness
- The purchasing managers' index (PMI) fell to 49 in December on weak demand
- The PMI has dropped in 8 of the past 9 months, only rising in September
- China's economy grew 5.2% in the first 3 quarters, but still relies heavily on exports amid weak domestic demand
- The non-manufacturing PMI rose to 50.4 in December, but the services sector remained unchanged at 49.3