The Caixin and official manufacturing PMIs diverged while the official non-manufacturing PMI rose marginally in August, notes UOB Group economist Ho Woei Chen.
Signs of weaker manufacturing activity
“The Caixin and official manufacturing PMIs diverged while the official non-manufacturing PMI rose marginally in August after falling consecutively in the previous four months. Employment and prices weakened for both the manufacturing and non-manufacturing sectors in August.”
“Signs of weaker activities, particularly for the manufacturing sector, suggest that it will be challenging for China to maintain the 1H24 growth rate of 5.0% for the rest of the year, likely falling short of the official growth target of ‘around 5.0%’ this year.”
“We maintain our GDP growth forecast for 2024 at 4.9% with risks still skewed to the downside.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
