China's factory activity contracts for a second month [Yahoo! Finance Canada]
ING Group, N.V. (ING)
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Source: Yahoo! Finance Canada
The official manufacturing purchasing managers index, or PMI, slipped to 49 from 49.3 in January, a four-month low, the National Bureau of Statistics reported Wednesday. The figure from its monthly survey of factory managers is measured on a scale of 0 to 100 and indicates contraction when it is below 50. December's manufacturing PMI reading of 50.1 broke China's eight consecutive months of contraction, but its recent return to negative territory signals more weakness in manufacturing especially under sluggish domestic consumption and demand. Huo Lihui, a National Bureau of Statistics chief statistician, attributed the weaker data in a statement to seasonal factors including the Lunar New Year holiday, which lasted for nine days in mid-February this year. A separate private sector PMI survey by Chinese credit research and analysis company RatingDog also released Wednesday appeared more upbeat, with a February PMI reading of 52.1, up from 50.3 in January, remaining in the expans
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