China’s official manufacturing PMI fell further in contraction to 48 points in November, down from 49.2 points in October and lower than the 49 points expected by analysts.
The data confirms the contraction of Chinese economic activity, weighed down by the lockdown measures and other restrictions imposed by the Beijing government as part of the Zero Covid policy, as it is below 50 points, the dividing line between the expansion phase (values higher than 50 points) and contraction (below 50 points).
The manufacturing PMI also contracted for the second consecutive month, in the face of the new wave of Covid that hit China, falling to its lowest level since April.
Worse was the trend of China’s services PMI which, again in November, capitulated at an altitude of 46.7, down sharply compared to the previous 48.7 points and decidedly below the 48 points expected. The PMI Composite thus slipped to 47.1 from the previous 49 points.