Survey shows China manufacturing contracting
Monday, October 1, 2012
BEIJING (AP) — A new survey shows Chinese manufacturing contracted again in September in a sign of enduring economic weakness.
An industry group, the China Federation of Logistics & Purchasing, said its monthly purchasing managers' index stood at 49.8 points on a 100-point scale on which numbers below 50 indicate a contraction. That was up 0.6 points from August's numbers.
Some analysts have suggested China's deepest economic downturn since the 2008 global crisis is stabilizing but officials including President Hu Jintao have warned conditions might deteriorate further before growth rebounds.
China's economic growth fell to a three-year low of 7.6 percent in the quarter ending in June. That is strong by Western standards but has hurt Chinese manufacturers and construction companies that depend on high growth.