China’s factory activity fell in October: Report
China National Statistics Bureau data says the business volume of industries such as retail, aviation, transportation, hospitality and catering dropped in October.
Beijing [China], November 1 (ANI): China’s factory activity fell in October, weighed by low global demand and strict domestic COVID-19 curbs in the second-largest economy world.
“In October, the Purchasing Manager Index (PMI) of China’s manufacturing industry was 49.2 per cent, a decrease of 0.9 percentage points from the previous month, below the threshold,” said China’s National Bureau of Statistics (NBS).
In October, the non-manufacturing business activity index was 48.7 per cent, decrease 1.9 percentage point from the previous month, below the threshold.
According to NBS data, the business volume of Chinese industries such as retail, aviation, transportation, hospitality and catering dropped in October.
China’s production index was 49.6 per cent, a decrease 1.9 percentage points from the previous month, indicating that manufacturing production activities have fallen.
Citing NBS senior statistician Zhao Qinghe, Xinhua reported the service sector was weaker this month as resurgences of COVID-19 cases dampened market activities, with its sub-index for business activities declining to 47.
But Zhao noted the sub-index measuring expectations for business activities of the service sector came in at 56.7, up from 56.1 in September.
The business expectation sub-indexes for industries like postal services, Internet software and information technology services topped 60 as “Double 11,” China’s annual online shopping spree that falls on Nov. 11 each year, approaches, said Zhao. (ANI)
