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China’s factory activity shrinks in November as coronavirus curbs take ‘toll on the economy’
- Caixin/S&P Global manufacturing purchasing managers’ index (PMI) rose to 49.4 in November, up from 49.2 in October
- On Wednesday, China’s official manufacturing PMI fell to 48 in November from 49.2 in October
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China’s factory activity shrank in November as widespread coronavirus curbs disrupted manufacturers’ output, a private sector survey showed on Thursday, weighing on employment and economic growth in the fourth quarter.
The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) rose slightly to 49.4 in November from 49.2 the previous month and beat expectations of a Reuters poll of 48.9.
But the reading marks the fourth monthly contraction in a row, as the 50-point index mark separates growth from contraction on a monthly basis.
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The figure followed downbeat data in an official survey on Wednesday with manufacturing activity falling to a seven-month low in November, hit by prolonged lockdowns and curbs in several places, including Beijing and Guangzhou.
Overall, the pandemic continued to take a toll on the economy
“Overall, the pandemic continued to take a toll on the economy. Output contracted, total demand was under pressure, overseas demand remained weak, employment deteriorated, logistics was sluggish, and manufacturers faced growing operating pressure,” said Wang Zhe, senior economist at Caixin Insight Group.
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