Posted 1/1/2024, 8:46:20 AM
China Manufacturing Slumps While Construction Booms in December
- Manufacturing activity in China contracted in December according to a survey of factory managers, signaling further economic sluggishness
- The official purchasing managers' index (PMI) fell to 49 in December, the third straight month of contraction below the 50 mark
- Weak demand cited as a key reason for the manufacturing weakness amid global economic headwinds
- China's economy grew 5.2% in the first 3 quarters but still relies on exports, facing more competition as government invests in industrial construction
- While manufacturing struggled, non-manufacturing PMI rose to 50.4 in December, with construction index up to 56.9 showing that sector is thriving