China August official manufacturing PMI rises slightly to 51.3

31 August 2018 03:21 Source:ICIS News

SINGAPORE (ICIS)--China’s official manufacturing purchasing managers index (PMI) edged up slightly to 51.3 in August from 51.2 in July amid slightly higher production levels, official data showed on Friday.

The PMI is a barometer of an economy’s output activity, with a reading above 50 indicating expansion.

“Overall, manufacturing has maintained stable expansion this year,” the National Bureau of Statistics (NBS) said in a statement.

The production sub-index rose by 0.3 points to 53.0 in August. This is also 0.2 points higher than the average seen so far this year, according to the NBS.

The new orders sub-index fell 0.1 points from the previous month at 52.2 in August, signaling a slowdown in market demand.

The raw material sub-index was down by 0.2 points at 48.7, indicating a drawdown in inventories.

The country’s official services PMI for August rose to 54.2 for August against 54.0 in July.

The August composite PMI, covering both manufacturing and non-manufacturing sectors, rose by 0.2 points from July to 53.8.

China’s official manufacturing PMI covers state-owned firms and large enterprises.

The private Caixin/IHS Markit manufacturing PMI reading for China, which focuses on small and medium-sized companies, is due to be released on 3 September.

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By Fanny Zhang