China’s factory activity faltered in January as weak domestic demand dragged down production at the start of the new year, reports Reuters, citing an official survey by the purchasing managers’ index (PMI).
The PMI dropped to 49.3 in January, from 50.1 in December, below the 50-mark separating growth from contraction. Sub-indexes of new orders and new export orders also saw declines, respectively, down to 49.2 from 50.8 in December and 47.8 from 49.0 in December.
The non-manufacturing PMI, which includes services and construction, dropped to 49.4 from 50.2 in December, falling to its lowest since December 2022.