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China’s factory, construction, service activities contract further

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China’s official gauges measuring factory, construction and service activities slipped further into contraction in November, weighed by the country’s stringent COVID restrictions that have throttled production, along with a deepening property slump and slowing global demand.

The official manufacturing purchasing managers index fell to 48.0 in November, down from 49.2 in October, the National Bureau of Statistics said Wednesday. It was also lower than the 48.9 reading expected by economists polled by The Wall Street Journal and the lowest level since April, when Shanghai — China’s financial and manufacturing hub — was locked down.

The 50 mark separates activity expansion from contraction.

The subindex measuring factory production declined to 47.8 from 49.6 in October. The subindex of total new orders fell deeper to 46.4 from 48.1 in October. New export orders fell to 46.7 from 47.6.

China’s official nonmanufacturing PMI, which covers service and construction activity, fell to 46.7 in November from 48.7 in October, dragged down by the slumping service sector and slower growth in construction, the statistics bureau said.

The subindex measuring service activity fell deeper to 45.1 from 47, due to frequent COVID-19 outbreaks in November, according to the statistics bureau. The subindex measuring construction dropped to 55.4 from 58.2.

Credit: marketwatch.com

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