China’s economy started the new year on a weaker footing as new coronavirus outbreaks and pandemic-containment measures sapped factory production and weighed on the country’s services recovery, official data showed Sunday, reported the Wall Street Journal.
Official gauges of industrial and services activities eased more than expected in January, with demand taking a particular hit as authorities discouraged travel ahead of February’s Lunar New Year festival, according to data from Beijing’s National Bureau of Statistics.
China’s official manufacturing purchasing managers index softened to 51.3 in January, lower than December’s 51.9 reading and the 51.5 median forecast among economists polled by The Wall Street Journal.
The nonmanufacturing PMI, which includes services and construction activity, weakened even more to 52.4, from 55.7 in December, according to the statistics bureau