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.
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