China’s manufacturing activity registered growth in September, but a slowdown in service sector expansion and a private manufacturing survey pointed to further cooling as the economy grapples with Covid-19 restrictions and a weakening economy. global demand.
China’s official Purchasing Managers’ Index (PMI) rose from 49.4 in August to 50.1 in September, the National Bureau of Statistics said on Friday, beating expectations. .
The index’s return to growth after two months of contraction was helped by recent easing measures, but Caixin’s private survey showed factory activity fell faster in September and the official survey pointed to a sharp deceleration in the growth of industrial activity. service sector.
Signs that the world’s second-largest economy is struggling to regain traction after narrowly avoiding a second-quarter contraction could heighten concerns about a global recession as major central banks embark on the most aggressive round of interest rate hikes in decades.
“Research suggests that China’s economy continued to lose momentum in September, as the global downturn weighed on exports and the virus woes dealt a new blow to services activity,” Zichun Huang, an economist at Capital Economics, said in a statement. one note.
China’s official industry survey showed activity grew marginally in September, beating expectations for a Reuters poll reading of 49.6, as it stayed above the 50 mark that separates contraction from growth.
The Chinese government has implemented more than 50 measures since late May.
The official survey showed that the non-manufacturing PMI dropped to 50.6 in September from 52.6 in August. The official composite PMI, which includes industry and services, dropped from 51.7 to 50.9.
Caixin’s private survey, also released on Friday, showed that industrial activity contracted at a sharper pace in September, with output, new orders and employment rates all falling due to weak demand.
Caixin’s PMI, which covers smaller, export-oriented companies, went from 49.5 in August to 48.1 in September.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
