BEIJING: Factory activity in China contracted for the fifth straight month in February, official figures showed Friday, as sluggish demand in the world’s second-largest economy continues to drag on growth. The purchasing managers’ index (PMI) — a key measure of factory output — came in at 49.1% in February, according to China’s National Bureau of Statistics (NBS). A PMI figure above 50% indicates an expansion in activity, while below indicates a contraction. China’s monthly PMI has only registered in positive territory twice throughout the last year, most recently in September. Factory activity has consistently contracted since then, with February marking the fifth consecutive month of decline. Analysts polled by Bloomberg had expected a PMI figure of 48.8% in February. In…
