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Financial News: China Manufacturing Sector Growth Weakens In August

China Manufacturing Sector Growth Weakens In August

09/03/2018 - 00:43:00 (RTTNews)

(RTTNews) - China's manufacturing activity growth slowed in August on weaker new orders, survey data from IHS Markit showed Monday.

The Caixin Purchasing Managers' Index fell to 50.6 in August from 50.8 in July. The score signaled the weakest improvement since June 2017.

Production grew at the fastest pace since the start of the year. However, demand conditions softened, with total new business rising at the slowest pace for 15 months.

Input costs increased at an accelerated rate in August, with the rate of inflation the second-sharpest in seven months. As a result, average charges for manufactured goods rose further, with the rate of inflation also quickening since July.

Optimism regarding future production remained relatively subdued in August, with confidence little-changed from June's recent low.

Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group said, prices of industrial products were underpinned by a proactive fiscal policy, and environmental protection policies that had limited some factory production.

"I don't think that stable supply can be sustained amid weak demand. In addition, the worsening employment situation is likely to have an impact on consumption growth. China's economy is now facing relatively obvious downward pressure," Zhong said.

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