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China manufacturing PMI slips to 50.3 in February; services PMI dips to 54.4

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China manufacturing PMI slips to 50.3 in February; services PMI dips to 54.4

China's manufacturing purchasing managers' index, or PMI, dipped in February to 50.3 from 51.3 in the previous month, data from the National Bureau of Statistics showed.

With a reading still above 50, China's manufacturing industry continued to expand but at a slower pace. The statistics bureau attributed the slower pace to normal seasonal fluctuation due to the production pause during the Chinese New Year holidays in mid-February.

China's non-manufacturing PMI also slipped to 54.4, down 0.9 percentage point from January but up 0.2 percentage point from the year-ago period. This was the index's lowest reading since October 2017, suggesting the key sector that accounts for more than half of China's economy is showing signs of fatigue, Reuters reported Feb. 28.