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PMI data point to weak economic performance
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CHINA'S economy continued to weaken in February with the manufacturing sector and the service sector both reporting deteriorated activities, data released today showed.
The official Purchasing Managers' Index, a comprehensive gauge reflecting operational conditions in largely state-owned manufacturing companies, decreased 0.4 points from a month earlier to 49 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
A reading below 50 means contracted activity in the manufacturing sector. The February figure marked such contraction for a seventh consecutive month.
Meanwhile, the official non-manufacturing PMI, a counterpart for the service sector, retreated to 52.7 in February, also down from 53.5 a month earlier.
Bureau analyst Zhao Qinghe said factors including production suspension in factories during the Spring Festival, which also led to less demand for employment and raw materials, were major reasons for the continued deterioration.
The manufacturing PMI's component indexes showed production fell to 50.2 last month, down from January's 51.4. New orders lost 0.9 points to 48.6, below the demarcation line of 50 for the second straight month. Also, the purchase volume of raw materials cut 1.1 points to 47.9, while employment retreated 0.2 points to 47.6, both worse than a year earlier.
"The overall performance was disappointing," Zhao said. "But there were some positive signs such as a small rebound in the price of crude oil that led to higher sub-index measuring the costs of raw materials...Meanwhile, with the implementation of supportive policies, we have seen strengthened confidence among industrial companies."
Price of raw materials rose 5.1 points to 50.2 last month, higher than the demarcation line of 50 for the first time since August of 2014, the official data showed.
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