China's factory activity likely extended declines in August - Reuters poll
China's factory activity is expected to contract for a fifth consecutive month in August due to weak demand, posing challenges to the country's economic recovery.
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Posted 8/29/2023, 1:14:52 AM
reuters.com
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China's factory activity contracted for the fifth consecutive month in August, indicating that the slowdown in the country's economy has not yet reached its lowest point.
China's manufacturing activity contracted for a fifth consecutive month in August, putting pressure on officials to provide support to boost economic growth amid weak domestic and international demand.
Chinese factory activity unexpectedly grew in August, fueled by improving local demand and an increase in new orders, although the Chinese economy still faces challenges due to weak external demand and a potential real estate crisis.
The latest Manufacturing ISM Report On Business reveals that economic activity in the manufacturing sector has contracted for the 10th consecutive month in August, following a period of growth, with new orders, employment, backlogs, and raw materials inventories all contracting.
China's exports are expected to contract at a slower pace in August, with a projected fall of 9.2%, as manufacturers continue to face pressure due to weak overseas demand and a shrinking labor market.