(Yicai Global) Feb. 28 -- China's official purchasing managers' index for manufacturing slid further than expected to its lowest level since March 2016 in February, according to the National Bureau of Statistics.

The manufacturing PMI was down 0.3 point at 49.2, marking a third straight month of below 50 according to data published today. The index is a survey of businesses in a specific industry about the operating environment. A reading above 50 signals expansion in the sector, while one below 50 represents contraction. 

The week-long Chinese New Year holiday was one factor contributing to the slowdown as factories eased production and many employees took vacations, the NBS said in a statement accompanying the data.

China's non-manufacturing PMI also slid 0.4 point to 54.3, giving a comprehensive PMI of 52.4 for the month -- down 0.8 point from January, the NBS added.