China Electricity Consumption
Surge in electricity consumption: Manufacturing activity falls in China
Shanghai: China's electric consumption has increased amid record heat waves, forcing manufacturing activity to come to a halt.
Rising COVID-19 outbreaks have taken a toll on the country's economy, triggering factory shutdowns.
China’s manufacturing activities have turned offline due to an excessive increase in the use of air conditioning, reported Nikkei Asia as quoted by ANI.
Moreover, the manufacturing Purchasing Managers’ Index (PMI) ticked up to 49.4 from a 49.0 reading in July, according to the National Bureau of Statistics but remained below the 50-point mark that separated contraction from expansion.
“The official PMIs show a further loss in economic momentum this month as the reopening boost waned and the property downturn deepened,” Julian Evans-Pritchard, senior China economist at UK-based research advisory Capital Economics was quoted as saying by ANI.
“We continue to think the economy will struggle to make much headway during the coming months,” Julian added.
As per Nikkei Asia, the closely watched gauge expanded for the first time in four months before it unexpectedly shrank again in July.
However, the non-manufacturing PMI, which includes the service sector, slipped to 52.6 in August from a 53.8 reading in the previous month.
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