Affected by the Spring Festival, February's National Bureau of Statistics Manufacturing PMI dropped to 49.0

2026-03-04 02:53:11

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[Caixin] The 2026 Spring Festival holiday is slightly longer than in previous years and falls entirely in the second and third weeks of February, leading to an increased contraction in manufacturing production and operations during that month. The Spring Festival effect marginally improves the service sector’s activity, but expansion is still not observed.

According to data released by the National Bureau of Statistics on March 4, the manufacturing Purchasing Managers’ Index (PMI) for February was 49.0, down 0.3 percentage points from January, remaining in contraction for two consecutive months. The non-manufacturing Business Activity Index rose by 0.1 percentage points to 49.5. Mainly affected by the decline in manufacturing activity, the composite PMI output index for the month fell by 0.3 percentage points to 49.5, indicating an increased contraction in production and business activities.

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