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<\/p>\nChina’s factory activity contracted for a sixth consecutive month in September, according to official data released on Tuesday, as a domestic consumer slump and lingering trade uncertainty continued to weigh on the economy.<\/p>\n
The manufacturing purchasing managers’ index (PMI) came in at 49.8, narrowly below the value of 50 separating contraction from expansion, according to the National Bureau of Statistics (NBS).<\/p>\n
Still, the reading beat the forecast of 49.6 in a Bloomberg survey of economists and was the highest since March.<\/p>\n
But it extended a streak of contraction that began in April, as factories across the manufacturing powerhouse contend with turbulence from the ongoing U.S.-China trade war.<\/p>\n
“Overall economic output expansion in the country accelerated slightly” during the month, said NBS statistician Huo Lihui in a statement.<\/p>\n
The figures come just before the start of the country’s “Golden Week” National Day holiday, a period that usually sees slower factory activity.<\/p>\n
Official data also showed Tuesday that the non-manufacturing PMI, which measures activity in sectors including services and construction, fell to 50.0 in September from 50.3 in August.<\/p>\n
That was short of a Bloomberg forecast of 50.2 and was the lowest since November.<\/p>\n
“Economic momentum is weak in the third quarter,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note.<\/p>\n
“Export activities have been surprisingly resilient so far this year and helped to partly offset the weak domestic demand.”<\/p>\n
Consumer prices in China fell in August at their fastest rate for six months, a sign of continuing struggles on that front.<\/p>\n
“Since the gross domestic product (GDP) growth was above 5% in the first half, the government may tolerate the slowdown in the second half as long as it doesn’t jeopardize the full-year growth target of 5%,” Zhang wrote.<\/p>\n
The recent slump comes as Beijing and Washington work to negotiate a deal to end their bruising trade war, with the world’s top two economies extending a truce on most reciprocal duties to Nov. 10.<\/p>\n
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