China’s Oct factory activity unexpectedly contracts – official PMI

An employee works on the production line of Nio electric vehicles at a JAC-NIO manufacturing plant in Hefei, Anhui province, China Aug 28, 2022. China Daily via REUTERS

BEIJING  – China’s factory activity unexpectedly fell in October, an official survey showed on Monday, weighed by softening global demand and strict COVID-19 restrictions, which hit production.

The official manufacturing purchasing managers’ index (PMI) stood at 49.2 from a 50.1 reading in September, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 50.0.

The 50-point mark separates contraction from growth on a monthly basis.