Goldman Sachs Current Activity Indicator (CAI) dips into negative territory in August. Since the CAI is scaled to GDP annualized growth, this implies negative GDP growth in that month.

Source: Global: GS Economic Indicators Update, 13 Sep 2021.

China’s August reading is -0.7% annualized growth.

The CAI is the first principal component of a set of macro indicators, scaled to GDP growth. The macro indicators include (for China) IP, PMIs, electricity use, auto sales, retail sales, cement production, freight volume, imports, etc.).