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PMI contracts for the fourth month in November
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CHINA'S manufacturing activity contracted for the fourth straight month in November and fell to the lowest level in more than three years, a survey showed today.
The official Purchasing Managers' Index, a comprehensive gauge of operating conditions in large state-owned industrial companies, landed at 49.6 last month, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
It retreated from October's 49.8 and was the worst since August, 2012.
A reading above 50 means expansion, and below it means contraction.
Zhao Qinghe, an analyst at the bureau, said the data suggested deteriorating conditions in the manufacturing sector due to sluggish demand at both and abroad.
"Besides, some traditional industries, such as non-ferrous metal, are in deeper contraction to digest overcapacity," Zhao said. "But the performance remained stable on the whole as emerging industries including high-tech industrial products, machinery equipment and consumer goods, were still in the expanding territory."
The component indexes showed industrial production decreased 0.3 points from a month earlier to 51.9 in November, and new orders lost 0.5 points to 49.8. The indexes measuring the sectors of high-tech industrial products, machinery equipment and consumer goods landed at 53.1, 51.6 and 53.4 respectively.
Contrasting the worsening performance in state-owned industrial companies, their private and export-oriented counterparts improved in November.
The Caixin China PMI, an similar indicator slated towards private and export-oriented manufacturing companies, landed at 48.6 last month, up from 48.3 in October and 47.2 in September, according to Caixin magazine and research firm Markit.
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