China

China’s manufacturing sector has contracted at its fastest pace in over 6 years. The Purchasing Managers’ Index (PMI), which measures the health of major manufacturing centers around the world, registered at 47.3 in August, marking the 6th consecutive month it has been below 50, the point that signifies positive growth. This comes despite significant government efforts to prop up China’s economy, including a recent devaluation of China’s currency. Economists say that weakness in China will have a residual effect on other major manufacturing countries around the world. (Reuters )/(Markit Economics)