BEIJING: China’s factory activity contracted at a faster pace in November, an official survey showed on Wednesday (Nov 30), weighed down by COVID-19 curbs and softening global demand, underscoring the increasing pressure faced by the world’s second-largest economy.
The official manufacturing purchasing managers’ index (PMI) stood at 48.0 against 49.2 in October, the lowest reading in seven months, according to data from the National Bureau of Statistics (NBS). Economists in a Reuters poll had expected the PMI to come in at 49.0.
Separately, the non-manufacturing PMI, which looks at service sector activity, fell to 46.7 from 48.7 in October, also the lowest reading in seven months.
The 50-point mark separates contraction from growth on a monthly basis.
China’s economy, already under pressure from a property slump and weakening global demand for Chinese goods, experienced a broad slowdown in October, adding to concerns about growth in the last quarter of 2022.