China’s manufacturing gauges show an unexpected rebound in November
BEIJING – An official gauge of China’s manufacturing unexpectedly rebounded to widen in November, ending two months of declines caused by the energy crisis.
Manufacturers’ official purchasing managers index rose to 50.1 in November from 49.2 in October, the National Bureau of Statistics said on Tuesday.
The result outperformed the median forecast of 49.6 in a Wall Street Journal survey of economists and moved above the 50 mark, stopping the manufacturing expansion from contracting.
China’s official manufacturing PMI fell below 50 in September and October due to the energy crisis, prompting Beijing to intervene to boost coal production and impose a price ceiling on coal.
“The supply shortage eased in November and the prices of some raw materials dropped significantly, which has brought the manufacturing PMI back to open territory,” said Zhao Qinghe, senior statistician at NBS. wide”.
The output that measures the sub-index rose to 52 in November, from 48.4 in October.
But the sub-indexes measuring domestic and external demand remained in national territory this month. The sub-index of total new orders rose to 49.4 in November from October’s 48.8. The sub-index of new export orders rose to 48.5, from 46. ,6 in October.
Also released on Tuesday was the official non-manufacturing PMI, which includes both services and construction activity, and eased slightly to 52.3 in November from October’s 52.4.
The index was mainly dragged down by recent outbreaks of COVID-19 infections, the statistics bureau said.
https://www.marketwatch.com/story/china-manufacturing-gauge-shows-rebound-in-november-271638236369?rss=1&siteid=rss China’s manufacturing gauges show an unexpected rebound in November
