Posted 1/1/2024, 7:14:20 AM
China Manufacturing Slumps for Third Straight Month but Economy Shows Some Bright Spots
- Chinese factory activity contracted for 3rd straight month in December, indicating sluggish economy
- Purchasing managers' index (PMI) fell to 49 in December from 49.4 in November
- Index has declined in 8 of past 9 months, reflecting weak demand
- Despite weaknesses, economy grew 5.2% in first 3 quarters and showed improvement in November
- Construction industry thriving - sub-index rose to 56.9 in December from 55 in November