Chinese Factory Survey Points to Weakness

Growth in China’s manufacturing sector slowed in October, an official survey suggests, reinforcing concerns about a slowdown in the wider economy.

The country’s Purchasing Managers Index (PMI) fell to a lower-than-expected 50.8, from 51.1 in the previous month. Any score above 50 represents growth.

Analysts had forecast a small rise in the pace of growth.

Recently released figures showed the wider Chinese economy growing at its slowest pace for more than five years.

Growth between July and September was 7.3% compared with a year earlier, down from 7.5% in the previous quarter.

“There remains downward pressure on the economy, and monetary policy will remain easy,” said analysts at China International Capital after the PMI data was published on Saturday.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.