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Beijing [China]Nov. 1 (ANI): Factory activity in China fell in October due to sluggish global demand and strict domestic COVID-19 restrictions in the world’s second-largest economy.
“In October, China’s manufacturing purchasing managers’ index (PMI) was 49.2 percent, down 0.9 percentage points from the previous month and below the threshold,” China’s National Bureau of Statistics (NBS) said.
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In October, the non-manufacturing business activity index was 48.7 percent, a decrease of 1.9 percentage points from the previous month and lower than the threshold.
Data from the National Bureau of Statistics showed that business volumes in China’s retail, aviation, transportation, hotel, catering and other industries declined in October.
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China’s production index was 49.6 percent, a decrease of 1.9 percentage points from the previous month, indicating that manufacturing production activities have declined.
The service sector weakened this month, with its business activity sub-index falling to 47, as a recovery in COVID-19 cases dampened market activity, Xinhua said, citing Zhao Qinghe, a senior statistician at the National Bureau of Statistics.
But Zhao noted that a sub-index measuring expectations for business activity in the services sector was at 56.7, up from 56.1 in September.
The business expectations sub-index for industries such as postal services, internet software and information technology services exceeded 60, Zhao said, because “Double 11” is China’s annual online shopping boom on November 11 each year. (ANI)
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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