Recession Alert! China’s factory activity contraction deepens in November

 

Source: www.reuters.com/world/china/chinas-factory-activity-contraction-deepens-november-2022-11-30/

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BEIJING, Nov 30 (Reuters) – China’s factory activity contracted at a faster pace in November, an official survey showed on Wednesday, weighed down by softening global demand and COVID-19 restrictions, underscoring the added pressure faced by the world’s second-largest economy.

The official manufacturing purchasing managers’ index (PMI) stood at 48.0 against a 49.2 reading in October, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 49.0.

The 50-point mark separates contraction from growth on a monthly basis.

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