China’s Caixin Manufacturing PMI for December eased to 49.0 vs. 48.8 expected and 49.4 priorwhich shows that the containment of the covid in the country continued to negatively affect production at the end of 2022.
While production fell at a softer rate compared to November, total new orders fell at a faster rate.
Wang Zhe, chief economist at Caixin Insight Group, stated: “Both supply and demand for manufacturing continued to contract last month. The aftermath of the pandemic weighed down production and sales, and production and total new orders sub-indices remained below 50 for the fourth and fifth consecutive monthrespectively.”
“Due to the economic recession and weak demand abroad, the number of new export orders also remained in contraction for the fifth consecutive monthWang added.
Source: Fx Street
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