Primary Taiwanese news agency Central News Agency (CNA) recently reported that the Chinese National Bureau of Statistics has announced August manufacturing purchasing managers’ index (PMI) figures. The PMI came in at 49.1 percent, down 0.3 percentage points from July. This marks the fourth consecutive month that China’s PMI has been below the 50-percent line. CNA commented that operating pressure on small and medium-sized enterprises has increased.
The PMI’s production sub-index and new order sub-index came in at 49.8 percent and 48.9 percent, respectively, down 0.3 and 0.4 percentage points from July. This indicates that both manufacturer production and market demand have slowed. The PMI of large enterprises remained in the expansion range, at 50.4 percent, a slight decrease of 0.1 percent from July. The PMI sub-indices for small-sized and medium-sized enterprises, on the other hand, were 48.7 percent and 46.4 percent, respectively, down 0.7 and 0.3 percentage points from July. This indicates that small and medium-sized enterprises have been under heavier pressure. In addition, the PMI’s price sub-index continued to fall due to insufficient demand as well as price fluctuations of bulk commodities like crude oil. With a weak housing market and sluggish household consumption, manufacturing has certainly been negatively impacted.
Source: CNA, August 31, 2024
https://www.cna.com.tw/news/acn/202408310064.aspx