HSBC’s preliminary or “flash” reading of its China manufacturing Purchasing Managers’ Index (PMI) for August declined to 47.8. That was a nine-month low, as well as a drop from July’s final reading of 49.3.
Weakness in new orders and shipments was a drag on results. This was the 10th consecutive month that manufacturing conditions in China have remained below the 50-point level that separates contraction from expansion.
Specifics showed that output is now in contraction, compared to expansion in July. The new orders and new export orders subindexes signaled contraction at an accelerating rate. And employment conditions held steady month to month but remained in contraction.
The Chinese government is expected to step up policy easing and/or stimulus after August. Before this PMI data were released, People’s Bank of China Gov. Zhou Xiaochuan said the central bank stood ready for further easing.
China stocks briefly fell following the release of the PMI data, but advanced as the Thursday’s session progressed. The Shanghai Composite index closed 0.25% higher.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.