Economics
China Factory Gauges Signal Sluggishness in Old Growth Driver
- Official Manufacturing PMI remained at 49.8 in October
- Caixin PMI recovers some lost ground from prior month
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China’s factory gauges signaled that manufacturing still hasn’t bottomed out amid faltering global demand and deepening deflationary pressures.
The official purchasing managers index was unchanged at 49.8 in October, the National Bureau of Statistics said Sunday. That compared with a median estimate of 50, the line between favorable and unfavorable conditions, in a Bloomberg survey of economists. The official non-manufacturing PMI, a barometer of services and construction, fell to 53.1 from 53.4 in September, the weakest since December 2008.