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September 25, 2017

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China production eases in August: HSBC

BEIJING--China's manufacturing growth slowed in August, indicating a recovery in the world's second-largest economy has yet to fully take hold, HSBC said Thursday.

The HSBC preliminary purchasing managers index (PMI), which tracks activity in China's factories and workshops, slipped to 50.3 this month, the British banking giant said in a statement.

The figure was down from a final reading of 51.7 in July and was the lowest for three months, it said.

The indicator is a closely watched gauge of the health of the Asian economic powerhouse, with a reading above 50 indicating the sector is expanding.

"Today's data suggest that the economic recovery is still continuing but its momentum has slowed again," HSBC economist Qu Hongbin said in the statement.

"Industrial demand and investment activity growth will likely stay on a relatively subdued path," he said, calling for "more policy support" to help consolidate the recovery.

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