China's manufacturing sector growth contracts for first time in six months
China's manufacturing sector contracted in January, an initial survey by HSBC has indicated.
The bank's Purchasing Managers' Index (PMI), a gauge of the sector's health, fell to 49.6 from 50.5 in December.
According to the BBC, it is the first time in six months the reading has fallen below that level.
Qu Hongbin, chief economist for China at HSBC, said the contraction was 'mainly dragged by cooling domestic demand conditions,' the report said.
He added that the move implies softening growth momentum for manufacturing sectors, which has already weighed on employment growth, the report added.