The August Purchasing Manager’s Index (PMI) climbed to 52.9 in August versus 48.9 in July. A reading above 50 indicates that the economy is expanding.
China’s PMI also rose in August. The Shanghai index fell 6.7% yesterday on fears that the Chinese economy was slowing, but this newest data shows continued expansion. The loss puts the Chinese market into bear market territory, so action in Asian markets will need to be closely monitored.
