China’s manufacturing activity fell below threshold level in October, missing market forecast, according to figures released by the National Bureau of Statistics (NBS) on Monday.
The NBS Manufacturing Purchasing Managers Index (PMI) dropped from 50.1 in September to 49.2 in October amid COVID-19 restrictions in several Chinese cities.
The market forecast the NBS Manufacturing PMI to come in at 50 in October.
Manufacturing PMI measures the activity level in the manufacturing sector, which can be a leading indicator of its overall performance. A reading above 50 shows expansion in the sector, below 50 indicates contraction.
Manufacturing output index decreased to 49.6 in the month, while new orders fell to 48.1.
The country’s non-manufacturing index was also down from 50.6 in September to 48.7 in October, the statistical bureau said.
Source: Anadolu Agency