A reading above 50 signifies expansion, whereas a figure below 50 indicates contraction.
China’s manufacturing PMI fell to 49.1 in January from 50.1 in December, while the equipment manufacturing sector remained above 50 for the sixth month at 50.2, as per NBS data.
The decline was linked to the upcoming Spring Festival on January 29, a key holiday for family reunions.
Sub-indices for production and new orders stood at 49.8 and 49.2, indicating contraction.
The PMI for the equipment manufacturing sector stayed above 50 for the sixth consecutive month, registering 50.2 in January, as reported by the National Bureau of Statistics (NBS).
Zhao Qinghe, a statistician at the NBS, stated that January’s PMI data was affected by factors like the upcoming Spring Festival holiday and employees leaving work to reunite with their families.
The drop in manufacturing was attributed to the Spring Festival, or Chinese New Year, which falls on January 29, this year. It is the most significant holiday in the Chinese calendar.
The sub-indices for production and new orders were recorded at 49.8 and 49.2, respectively.
Fibre2Fashion News Desk (SG)
