China’s manufacturing activity saw a slight dip in February, but experts say it’s all part of the holiday hustle! 📊 The official manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 from January’s 49.2, staying below the 50-point growth threshold. But don’t hit the panic button yet—seasonal factors like Lunar New Year closures played a role, according to Bruce Pang of JLL Greater China.
Non-Manufacturing Sectors Shine ✨
While factories took a breather, China’s non-manufacturing PMI jumped to 51.4, marking three months of gains. Retail, catering, and transportation sectors (think: 🚄🍜) soared above 53 points, while air travel and entertainment rocketed past 60. Talk about post-holiday glow-up!
Construction & Finance: Heavy Lifters 🏗️💹
Demand for infrastructure investment revved up, with construction activity and new orders blasting past 60. Meanwhile, the financial sector hit similar highs, backed by strong social financing data in January—proof that banks are doubling down on supporting businesses.
Private Survey Adds Good Vibes 📈
Caixin’s private manufacturing PMI edged up to 50.9, its best reading since August 2023. This marks four straight months of expansion, the longest streak since late 2021. “The economy is showing recovery momentum,” said Caixin economist Wang Zhe, giving hope for a spring rebound.
