August mfg PMI records better reading

Contraction slows, but two other gauges down; experts sure recovery is intact

China's factory activity improved in August after a contraction in July, and industry insiders promptly reviewed the latest data and attributed them to intensified macroeconomic policy support amid COVID-19 pandemic resurgences and extreme weather in some parts of the nation.

The official purchasing managers index for China's manufacturing sector crawled up to 49.4 in August from July's reading of 49, the National Bureau of Statistics said on Wednesday.

For the second consecutive month, the PMI stayed below the 50-point mark, which separates contraction from growth.