Chinese PMI drops to 49.7 in August
(MENAFN) As China's slowing economy continues to prevail, leading global economies including the US and EZ follows with its plummet in August, according to recent published data.
The Chinese government's Purchasing Managers' Index (PMI) dropped to 49.7 in August from the previous month's reading of 50.0, a reading under 50 suggests reduction in activity.
Activity in China's manufacturing sector shrank at its fastest pace in three years in August, supporting fears of a harsher slowdown in the world's second-largest economy.
In the Aftermath, exports from South Korea dropped nearly 15 percent in August from a year earlier, and development in the US manufacturing sector slumped to its weakest in two years in August.
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