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China manufacturing index down to 39-month low

China manufacturing index down to 39-month low
Photo Credit: Arabianeye-Reuters

Dubai-Mubasher: Chinese manufacturing activity contracted at its fastest rate for more than 39 months in November, dragged by weak overseas and domestic demand, among other factors, according to an official data on Tuesday.

The government statistics bureau noted that the PMI fell to 49.6 in November, slightly lower than October's 49.8- a reading above 50 signals expanding activity while anything below indicates shrinkage.

NBS statistician Zhao Qinghe cited tepid domestic and worldwide demand as well as the usual reduction in production seen during winter.

Away from China's factories, an official gauge of non-manufacturing activity for November stood at 53.6- slightly higher than October's reading of 53.1.

The sub-index for the service industry went up to 52.8 in November from 52.3 in October. The sub-index for the construction industry increased 1% to 58.1 in November from 57.1 in October.