The China’s Caixin Manufacturing PMI for October stood at 49.2compared to the 49.0 expected and the previous 48.1, which shows that the activity of the country’s manufacturing sector is showing some signs of improvement due to the containment of the covid.
Although both output and new business levels fell in October, the rates of decline eased.
Wang Zhe, chief economist at Caixin Insight Group, stated that “from the previous month to 49.2, but remained in contraction territory. This was the third consecutive month of contraction of manufacturing activities, still weighed down by the Covid-19 outbreaks and the consequent tightening of prevention and containment measures”.
“Supply and demand in manufacturing contracted in tandem amid persistent Covid outbreaks,” Wang added.
Source: Fx Street
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