China NBS Manufacturing PMI Falls to 4-Month Low

2026-03-04 01:53 By Farida Husna 1 min. read

China’s official NBS Manufacturing PMI slipped to 49.0 in February 2026 from 49.3 in the previous month, slightly below market forecasts of 49.1 and marking the lowest print since October.

It also represented the second straight month of contraction in factory activity, partly weighed by disruptions from the week-long Spring Festival holiday.

New orders fell further (48.6 vs 49.2 in January), with foreign sales dropping more sharply (45.0 vs 47.8), highlighting persistent weakness in external demand.

Buying levels also eased (48.2 vs 48.7), while employment remained subdued (48.0 vs 48.1).

Supplier delivery times shortened (49.1 vs 50.1), suggesting improved logistics conditions.

On the cost side, input prices rose for a seventh straight month, though the pace of increase moderated (54.8 vs 56.1).

Output prices were unchanged (50.6 vs 50.6).

Finally, business confidence rebounded from a six-month low to 53.2 (vs 52.6), indicating slightly improved sentiment despite ongoing contraction.



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