BEIJING (AP) — Growth in Chinese factory activity was weak in September, export orders fell and employers cut jobs, two surveys showed Friday, adding to pressure on lackluster economic growth.
A monthly purchasing managers' index released by business news magazine Caixin fell to 48.1 from August's 49.5 on a 100-point scale in which readings below 50 indicate activity contracting. A separate PMI by an official industry group rose to 50.1 from 49.4.
"The surveys suggest that China’s economy continued to lose momentum," Zichun Huang of Capital Economics said in a report.
That adds to complications for Chinese leaders who are trying to reverse an economic slump after growth fell to 2.2% in the first six months of 2022, less than half the 5.5% official target.
Those efforts have been hampered by weak global and Chinese consumer demand and a slump in real estate activity caused by an official crackdown on the industry's use of debt.
Caixin's index of new export orders fell to a four-month low of 48.1 from 49.8 and the China Federation of Logistics & Purchasing said its separate index declined to 47 from 48.1. Both said measures of employment were in negative territory, showing companies cut jobs.
"We think the economy will remain weak heading into 2023,” Huang said.
- China cuts rates as lockdowns and a real estate crisis take their toll
- China's economy records slowest growth since the start of 2020
- Let’s not mince words while the global economy heads south
- China’s exports gain steam but outlook cloudy as global growth cools
- China's export rebound clouded by flagging global growth
- Stocks, dollar gain despite surprise weak China data
- Australia urged to cut gas exports in fresh threat to prices
- China's exports gain steam although outlook remains uncertain
- The earnings of these sectors will get a boost from the weak ringgit
- How do we know when a recession has begun?
- Vietnam’s GDP growth set to expand by 7.5% in 2022: World Bank
- Just one in five trains to run during this week’s rail strikes
- Semiconductor industry bears the brunt of renewed trade tensions
- America's strong dollar is hurting everyone else
- 75 years of Indian business: How we began and how far we have come
- Europe slips toward recession as ECB mulls steps ahead
- Oil slumps on potential of Iranian crude entering the market
China manufacturing weak, adding to economy pressure have 370 words, post on www.chron.com at September 30, 2022. This is cached page on Auto News. If you want remove this page, please contact us.