China’s manufacturing unexpectedly down in October

According to data from the country’s National Bureau of Statistics (NBS), the official purchasing managers’ index (PMI) for China’s manufacturing sector was at 49.5 in October, unexpectedly down from 50.2 in September. Data showed that the manufacturing sector entered the contraction zone for the first time since June.

Reduced production and new export orders were the main factors that pushed the country’s manufacturing sector into contraction zone.

A PMI reading below 50 indicates contraction in the manufacturing sector, while a reading above that level suggests growth.

Meanwhile, China’s official non-manufacturing index fell to 50.6 in October from 51.7 in September, the lowest level since December 2022, amid slower activities in construction and services sectors.