Chinese economy not out of the woods as factory activity shrinks again in November

Posted on December 4, 2023   |  

China's factory activity faced a 2nd consecutive monthly contraction in November, indicating persistent economic challenges.

The official manufacturing purchasing managers' index decreased to 49.4 from October's 49.5, slightly below the anticipated 49.7.

Non-manufacturing activity also reached a yearly low, with the official non-manufacturing managers' index slipping to 50.2 in November.

Any PMI reading above 50 signifies economic expansion, while below 50 indicates contraction.

The primary obstacle to recovery and development, as reported by over 60% of manufacturing companies, was insufficient market demand.