China’s Factory Activity Shrinks, Fueling Calls for More Support
- Non-manufacturing gauge also missed forecast, falling to 50.6
- Authorities will need to deliver growth supportive policy: ANZ
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China’s factory activity fell back into contraction in October, while an expansion of the services sector unexpectedly eased, signaling that the economy remains fragile and is in need of support.
The official manufacturing purchasing managers’ index slipped to 49.5 this month from 50.2 in September, according to a statement from the National Bureau of Statistics on Tuesday. That compares with an estimate of 50.2 in a Bloomberg survey of economists.