Economy
China's Factory Activity Contracts at Fastest Pace in Three Months, PMI Shows
China's official manufacturing PMI fell to 49.3 in October from 50.1 in September, missing the 50.0 forecast in a Reuters poll, as soft demand, including for exports, weighed on manufacturers.
Photo: Forextime.com / Wikimedia Commons (CC BY 2.0). Photo shows a stock market concept, not a Chinese factory.
China's factory activity contracted in October at its fastest pace in three months, an official survey showed on Saturday, as soft demand, including for exports, weighed on manufacturers.
The official manufacturing purchasing managers' index (PMI) fell to 49.3 in October from 50.1 in September, according to data from the National Bureau of Statistics. The reading missed the 50.0 forecast in a Reuters poll.
The PMI is compiled from purchasing managers' reports on whether conditions improved, worsened or stayed the same in areas such as new orders, output and employment compared with the previous month. A reading above 50 signals expansion, while one below 50 indicates contraction.
The October drop takes the index back below the line that separates growth from contraction, after September's 50.1 reading had pointed to marginal expansion. The soft demand picture, including for exports, leaves manufacturers facing a weaker start to the final quarter of the year.
Source: Reuters
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