CHINA's manufacturing activity contracted in January, according to official data, in a sign of slowing momentum as the country prepares for Chinese New Year, reports London's Financial Times.
The country's official purchasing managers' index, a closely watched gauge amid a gloomy economic backdrop, came in at 49.1, below forecasts and the first contraction since September. A reading of above 50 marks an expansion.
The National Bureau of Statistics said manufacturing activity was affected by Lunar New Year that sees hundreds of millions of Chinese workers travel to their hometowns.
A separate NBS data release showed industrial profits fell 3.3 per cent over the course of 2024, despite rising 11 per cent year on year in December. The measure, which tracks companies with more than CNY20 million (US$2.8 million) in turnover.
SeaNews Turkey
The country's official purchasing managers' index, a closely watched gauge amid a gloomy economic backdrop, came in at 49.1, below forecasts and the first contraction since September. A reading of above 50 marks an expansion.
The National Bureau of Statistics said manufacturing activity was affected by Lunar New Year that sees hundreds of millions of Chinese workers travel to their hometowns.
A separate NBS data release showed industrial profits fell 3.3 per cent over the course of 2024, despite rising 11 per cent year on year in December. The measure, which tracks companies with more than CNY20 million (US$2.8 million) in turnover.
SeaNews Turkey
