China: No Recovery for Manufacturing

China’s composite PMI index dipped 0.8 points over the last month, falling from 52.5 points in July to 51.7 points in August. The manufacturing index ticked up 0.4 points, but remains under the 50-point mark for the second month running, posting 49.4 points in August. Finished goods inventory fell 2.8 points while new orders rose 0.7 points. Without a rebound in manufacturing, China’s GDP growth could remain low for 2022.