China factory growth accelerates, service industries slip

Aug. 31, 2017 – An official survey shows Chinese manufacturing activity picked up pace in August, indicating a crucial component of the world’s second-biggest economy is holding firm.

The data released Thursday showed the monthly factory purchasing managers’ index rose to 51.7 from 51.4 in July.

The index is based on a 100-point scale on which numbers above 50 indicate expansion.

It’s the 13th straight month the PMI has posted an expansion, according to the data compiled by the Federation of Logistics & Purchasing released through China’s official statistics website.

A separate index measuring non-manufacturing activity fell for a second month, slipping to 53.4 from 54.5 previously, reflecting slowing momentum in China’s services sector.