January 31, 2019 / 1:20 AM / 24 days ago

China January factory activity contracts for second straight month - official PMI

FILE PHOTO: Chinese national flags are flying near a steel factory in Wu'an, Hebei province, China, February 23, 2017. REUTERS/Thomas Peter/File Photo

BEIJING (Reuters) - Chinese factory activity contracted for a second straight month in January, data showed on Thursday, pointing to further strains on the economy that could heighten risks to global growth.

The official Purchasing Managers’ Index (PMI) ticked up fractionally to 49.5, but remained below the 50-point level that separates growth from contraction on a monthly basis.

Analysts surveyed by Reuters had forecast the factory gauge would dip marginally to 49.3 from 49.4 in December.

China reported its slowest economic growth in 28 years in 2018 and activity is widely expected to cool further in coming months before a spate of stimulus measures start to stabilise business conditions.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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