CHINA's manufacturing activity contracted for the second month in November, indicating weakening momentum in the economy despite increased government efforts to boost growth, reports London's Financial Times.
The country's official manufacturing purchasing managers' index came in at 49.4 this month, lower than a median forecast of 49.8 in a Bloomberg poll and slightly below a reading of 49.5 in October. A reading below 50 marks contraction from the previous month.
The non-manufacturing PMI came in at 50.2, remaining in positive territory but marking the lowest reading since china was swept by Covid last December. It was also well below the Bloomberg analyst poll estimate of 50.9 and lower than October's 50.6.
The services industry activity component of non-manufacturing PMI registered a contraction at 49.3 points compared with a reading of 50.1 the previous month.
'That's a bit of a setback I think because of course the services sector - particularly private consumption demand, services demand - was supposed to be a pillar of strength and lost momentum into November,' said HSBC Asia economist Frederic Neumann.
SeaNews Turkey
The country's official manufacturing purchasing managers' index came in at 49.4 this month, lower than a median forecast of 49.8 in a Bloomberg poll and slightly below a reading of 49.5 in October. A reading below 50 marks contraction from the previous month.
The non-manufacturing PMI came in at 50.2, remaining in positive territory but marking the lowest reading since china was swept by Covid last December. It was also well below the Bloomberg analyst poll estimate of 50.9 and lower than October's 50.6.
The services industry activity component of non-manufacturing PMI registered a contraction at 49.3 points compared with a reading of 50.1 the previous month.
'That's a bit of a setback I think because of course the services sector - particularly private consumption demand, services demand - was supposed to be a pillar of strength and lost momentum into November,' said HSBC Asia economist Frederic Neumann.
SeaNews Turkey