Factory activity in China shrank for the sixth straight month in October and by ...
BEIJING - Factory activity in China shrank for the sixth straight month in October and by more than expected, pointing to further pressure on its manufacturers as they grapple with the weakest economic growth in nearly 30 years.
The Purchasing Managers’ Index fell to 49.3 in October, China’s National Bureau of Statistics said on Thursday, versus 49.8 in September. The 50-point mark separates growth from contraction on a monthly basis.Weighed down by cooling domestic demand, sluggish investment and a protracted trade war with the United States, China’s economic growth slowed to a near 30-year low of 6.0% in the third quarter, raising expectations that Beijing will need to roll out more support measures soon.
Demand contraction would put a dent on prices and further chip away the already-thin margin for manufacturers. In September, China’s producer prices posted the steepest decline in more than three years, while industrial profits shrank for the second month. “The official PMIs fell by more than expected this month, reinforcing our view that the improvement at the end of Q3 didn’t mark the start of a sustained recovery,” said Julian Evans-Pritchard, senior China economist at Capital Economics.
The official services PMI fell to 52.8 from 53.7 in September, the lowest it has been since February 2016 but still above the 50-mark that separates contraction from expansion, according to a separate NBS survey.
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