China's factory activity contracts in October - Caixin PMI
© Reuters. FILE PHOTO: Employees work on the filter cloth production line at Jingjin filter press factory in Dezhou, Shandong province, China August 25, 2022. REUTERS/Siyi Liu/File Photo
The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July and missing analysts' forecasts of 50.8 by a large margin.The data signalled a renewed deterioration in manufacturing conditions as factories reported a fresh fall in production amid slower growth in overall sales dampened by weak foreign demand, according to the Caixin survey.
"Overall, manufacturers were not in high spirits in October," said Wang Zhe, an economist at Caixin Insight Group. Manufacturers trimmed their staffing levels for the second straight month, with the rate of job shedding the quickest since May.
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