Industrial activity in China contracted for the eighth straight month in November
HONG KONG, November 30 (WAM) – Industrial activity in China contracted for the eighth consecutive month in November, according to what an official survey showed today, Sunday, which confirms the challenges facing the country’s economy over the past year.
Despite the trade truce between the United States and China.
China’s National Bureau of Statistics said the official purchasing managers’ index for the manufacturing sector rose slightly to 49.2 in November from 49 in October.
An index reading of more than 50 points indicates growth in economic activity for the sector, while a reading of less than 50 points indicates a contraction in activity.
The contraction was in line with analysts’ expectations, and the reduction in US tariffs earlier this month likely means that Chinese exports can gain competitiveness in the market.
However, it may be too early to determine whether exports have regained momentum after the trade truce.
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