China Factory, Services Activity Shrink in Snag for Recovery
- Manufacturing PMI contracted for second straight month in Nov.
- Services sector gauge records first drop below 50 this year
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Activity in China’s manufacturing and services sectors shrank in November, adding to expectations for additional government support for the economic recovery as it struggles to regain steam.
The official manufacturing purchasing managers index fell to 49.4, the second straight month of contraction, according to a Thursday statement from the National Bureau of Statistics. While economists expected a decline in the index, the number was lower than estimates.