China's factory activity shrank in November as widespread COVID-19 curbs disrupted manufacturers' output, a private sector survey showed on Thursday, weighing on employment and economic growth in the fourth quarter.
The Caixin/S&P Global manufacturing purchasing managers' index rose slightly to 49.4 in November from 49.2 the previous month and beat expectations of a Reuters poll of 48.9. But the reading marks the fourth monthly contraction in a row as the 50-point index mark separates growth from contraction on a monthly basis.
In particular, greater difficulties were seen in the sector's job employment with the rate of job shedding hitting the quickest since February 2020, as some workers were unable to return to work due to virus curbs while production constraints weighed on staffing levels. Surveyed factory owners also linked delivery times to delays from pandemic restrictions, with the sub-index for delivery times falling to the lowest since May when Shanghai was under lockdown.
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