The Asian giant’s manufacturing sector shrank for a fifth straight month in August, as slowing global demand for goods dragged on its economy.
Deflation has put pressure on industrial profits as well, with data on Sunday showing a 6.7 per cent contraction in July.
The non-manufacturing PMI, though, showed a “mixed picture,” he said. “Construction activities became better and service activities slid,” he said. “We expect the weakness will continue with the end of the summer holiday.” The services sector has held up better than other parts of the economy, providing a bright spot amid the gloom. Even so, a gauge measuring services activity eased to 50.5 in August – still in expansion but the weakest reading since December.
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