Chinese manufacturing activity shrank for the fifth consecutive month in August, as the services sector slumped to its lowest level this year.
The National Bureau of Statistics‘ manufacturing purchasing managers’ index (PMI) edged up to 49.7 in August, from 49.3 in July—anything below 50 indicates contraction. While that topped the consensus estimate of 49.4, the monthly reading has been stuck in contraction territory for eight of the past 12 months. New orders and buying activity rebounded, expanding for the first time since March. But export sales tumbled for the fifth straight month.
