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Image Source : China Visual
BEIJING, August 31 (TMTPOST) — Chinese economy maintained the recovery trend in August, though the pace of recovery was slow, affected by the pandemic, high-temperature weather, and other unfavorable factors.
Data released by the National Bureau of Statistics (NBS) on Wednesday showed that the manufacturing purchasing managers" index (PMI) recorded 49.4 in August, up 0.4 percentage points from the previous month.
The non-manufacturing business activity index fell 1.2 percentage points to 52.6. The non-manufacturing PMI fell more than the rise in the manufacturing PMI, dragging down the composite PMI in August by 0.8 percentage points to 51.7. It indicated that despite the overall recovery of enterprise production and operation activities, the expansion was weakened.
Manufacturing PMI data, supply, and demand continue to be at a low level. The production index in August recorded 49.8, the same as last month, and the new orders index reached 49.2, 0.7 percentage points higher than the previous month, indicating that the recovery of manufacturing supply and demand still needs to be strengthened. Among them, the new export orders index rebounded 0.7 percentage points to 48.1.
The sluggish supply and demand also led to continued sluggish employment in the manufacturing sector. The index of employees rose slightly by 0.3 percentage points to 48.9 in August, still below the average level of the previous two years.
Dragged by the fluctuation of international commodity prices and sluggish domestic demand, the manufacturing price index is still in the contraction range but rebounded from the low level in August. The main raw material purchase price index and factory price index recorded 44.3 and 44.5, up 3.9 and 4.4 percentage points from the previous month.
NBS survey results showed that the proportion of enterprises complaining about the high cost of raw materials in August was 48.4%, down 2.4 percentage points from the previous month and below 50% for the first time in the year, indicating that the cost pressure on enterprises eased.
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