China’s manufacturing activity unexpectedly contracted in January, official data showed on Monday, in a sign of slowing momentum as the country prepares for the lunar new year holiday.
The country’s official purchasing managers’ index, a closely watched gauge amid a gloomy economic backdrop, came in at 49.1, below forecasts and the first contraction since September. A reading of above 50 marks an expansion.
The National Bureau of Statistics said manufacturing activity was “affected by the approaching?.?.?.?holiday”, which begins on Wednesday and sees hundreds of millions of Chinese workers travel to their hometowns.
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