China’s economy weakened further in August, according to a survey of the manufacturing sector that fell well short of expectations.
The purchasing managers’ index, an important gauge of industrial activity, slouched to 49.2 in August, a nine-month low. It had been forecast to stay roughly level with July’s 50.1 reading.
Analysts had long predicted that China’s economy, slowing since early last year, would enjoy a rebound by about now, but the sluggish PMI points instead to a more serious downturn. That will be unwelcome news for the world economy as Europe slides towards another recession and the US struggles to gain momentum.
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