HSBC’s China Manufacturing Puchasing Managers’ Index (PMI) confirmed that manufacturing growth slowed in February, the Wall Street Journal reported. The PMI data for February, prepared by Markit, dropped to 55.8 from 57.4 in January. A reading of less than 50 indicates manufacturing contraction, while above 50 indicates growth. The slowdown is thought to reflect the timing of the Lunar New Year holiday, during which factories were closed. HSBC’s figures appear to indicate slightly stronger growth than official PMI data by the China Federation of Logistics and Purchasing, released by the National Bureau of Statistics earlier this week.