China factory index contracts in September for 2nd month
In this July 29, 2015 photo, workers assemble shoes in a shoe factory in Yongjia county in eastern China’s Zhejiang province. The Caixin preliminary survey of factory purchasing managers released Wednesday, Sept. 23, 2015, showed that Chinese manufacturing activity fell to its lowest level in over 6 years, in the latest sign of the deepening slowdown in the world’s second biggest economy. AP
BEIJING, China — Chinese manufacturing contracted for the second month in a row in September amid a slowdown in the world’s No. 2 economy.
An official manufacturing index based on a survey of factory purchasing managers edged up to 49.8 in September from August’s 49.7, which was the lowest level since August 2012. In July, it was 50.0.
The index, compiled by the Chinese Federation for Logistics and Purchasing and released Thursday, is based on a 100-point scale on which numbers above 50 indicate expansion.
China’s economic growth held steady at 7 percent in the latest quarter ending in June, which was the weakest performance since the 2008 global crisis. Officials hope to maintain the growth rate for the rest of the year but many economists doubt the target will be met.
