China’s factory activity shrinks again in Jan, demand still weak

BEIJING : China’s manufacturing activity contracted for the fourth straight month in January, an official factory survey showed on Wednesday, suggesting the sprawling sector was struggling to regain momentum at the start of 2024. The official purchasing managers’ index (PMI) rose to 49.2 in January from 49.0 in December, below the 50-mark separating growth from contraction and was in line with a median forecast of 49.2 in a Reuters poll. The data provides the first official snapshot of how the world’s No.2 economy has started off the new year after a shakier-than-expected post-COVID recovery. The latest figure is also affected by the Lunar New Year which will fall on Feb. 10 this year, as factories may shut earlier and send…