(Finance) – The Chinese manufacturing activity, surprisingly, went into a contraction area in August due to the closures for Covid and the lack of energy caused by the drought that weighed on industrial activity.
L’Caixin index of manufacturing purchasing managers it recorded a value of 49.5 in August compared to 50.4 in July. Economists had expected a reading of 50.2.
A reading below 50 indicates a contraction, values above indicate an expansion phase.