China’s manufacturing Purchasing Managers’ Index (PMI) came in at 51.3 in January, 0.1 percentage points lower than 51.4 recorded in December, according to data released today by the National Bureau of Statistics (NBS).
A PMI reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The sub-index for production was 53.1, 0.2 percentage points lower than that recorded in December. The sub-index for new orders was down 0.4 percentage points to 52.8.
NBS statistician Zhao Qinghe attributed the decrease of production and new orders to the Lunar New Year holiday which slashed work days.
The statistics bureau meanwhile reported the non-manufacturing PMI 54.6%, up 0.1% from November.