China manufacturing weakens, services grow
BEIJING (AP) -- Two surveys of Chinese business show manufacturing decelerated further in August while construction and service industries grew at a low rate.
The separate reports Monday by HSBC Corp. and the national statistics bureau add to signals that analysts say suggest China's worst slump since the 2008 global crisis might be bottoming out while some industries such as manufacturing are still weakening.
HSBC said its purchasing managers' index for August fell to its lowest level in more than three years and showed manufacturing contracted for a tenth straight month.
At the same time, the National Bureau of Statistics said its index of non-manufacturing business activity strengthened to 56.3 from the previous month's 55.6. The index includes such fields as construction, air transport, business services and telecommunications.