The official gauge of China’s manufacturing activity edged up in August but remained in contraction for the fifth straight month, pointing to the slowdown in the world’s second-largest economy may soon bottom out.
China’s official manufacturing purchasing managers’ index rose to 49.7 in August from 49.3 in July, the National Bureau of Statistics said Thursday. A reading above 50 indicates an expansion in activity while a reading below that level indicates a contraction.
Thursday’s data also showed China’s official non-manufacturing PMI falling to 51.0 in August compared with 51.5 in July.