China’s manufacturing activity unexpectedly expanded in November after contracting in the previous two months. Manufacturing output rose last month as a power crunch eased, and commodity prices stabilised, an official survey of Purchasing Managers’ Index showed. China’s manufacturing PMI came in at 50.1 in November, rising from 49.2 in October. The reading was above analysts’ expectations of 49.7. It also marked the first time the figure breached above the 50-point benchmark since August.
According to the survey, the sub-index for output increased from 48.4 in October to 52.0 in November. The sub-index for input prices slumped from 72.1 to 52.9, indicating easing cost pressures. However, new orders, raw material stores, supplier delivery times, and employment sub-indices remained below the 50-point mark.
China’s economy has been losing momentum in recent months owing to a property sector downturn, power outages, and COVID-19 outbreaks. The service sector was affected by the outbreaks, with its PMI slowing from 52.4 in October to 52.3 in November. China’s official composite PMI, which includes the service and manufacturing sectors, stood at 52.2 in November, accelerating from October’s 50.8. However, analysts warned of the uncertainty stemming from the emergence of the new coronavirus Omicron variant.
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Published on December 1, 2021 9:48 AM (GMT+8)Last Updated on December 1, 2021 9:48 AM (GMT+8)
