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China’s Factory Activity Continues to Decline in February

(Bloomberg) — ChinaÔÇÖs factory activity shrank for the fifth straight month in February, suggesting weak demand remains an obstacle for the economy. The official manufacturing purchasing managers index for last month edged lower to 49.1, the National Bureau of Statistics said in a statement Friday. That compares to the median forecast of 49.0 by economists surveyed by Bloomberg News, and JanuaryÔÇÖs reading of 49.2.

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Non-Manufacturing Activity Shows an Increase

A gauge of non-manufacturing activity rose to 51.4, versus an estimate of 50.7, helped by a pickup in travel and tourism during a recent long holiday. Any reading above the 50 mark suggests an expansion from the previous month, while a figure below that denotes contraction.

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Uneven Recovery Challenges China’s Economic Growth

The data added to signs of an uneven recovery in the worldÔÇÖs No. 2 economy. This will likely add pressure on fiscal and monetary policymakers to act after top leaders vowed to maintain a pro-growth stance in 2024.

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Impact of Holiday Break on Economic Data

Earlier data showed that the nationÔÇÖs home sales slump dragged on in February, though the figures were also impacted by the holiday break. Zhiwei Zhang, president and chief economist of Pinpoint Asset Management Ltd., highlighted the difficulty in assessing economic momentum during the holiday period.

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