China HSBC manufacturing PMI hits seven-month low in February

China's factory activity shrank again in February as output and new orders fell, a private survey found on Monday, reinforcing concerns of a slowdown in the world's second largest economy. "Signs are becoming clear the risks to GDP growth are tilting to the downside," said Hongbin Qu, chief economist for China at HSBC, in a statement accompanying the PMI results. Output was likely affected by manufacturers closing for China's biggest annual holiday, the Lunar New Year festival, which began on January 31 and covered early February, although the PMI results are seasonally adjusted. That sub-index is one of the few indicators to measure the health of China's labor market, a priority area for Beijing, which wants to keep unemployment low in order to maintain social stability.

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