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The NBS Non-Manufacturing Purchasing Managers' Index (PMI) for China dropped to 49.4 in January 2024, down from December's 50.2, and below market forecasts of 50.3. This marks the lowest point since December 2022 and highlights challenges such as subdued post-holiday demand, cautious consumer behavior, and ongoing strains in the real estate sector. Both new orders fell (46.1 from 47.3 in December) and foreign demand decreased at a more pronounced rate (46.9 from 47.5). Meanwhile, employment figures remained stagnant (46.1, unchanged from the previous month), indicating ongoing weakness in the labor market. Although supplier delivery times improved slightly (51.1 from 51.3), indicating somewhat better supply conditions, input cost pressures remained steady (50.0 from 50.2), and output prices dropped at a reduced rate (48.8 from 48.0). Looking forward, business sentiment weakened, reaching a four-month low (56.0 compared to 56.5).
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