China Dec factory activity extends declines on COVID infections - Caixin PMI
a much sharper decline, with the activity index falling to a near three-year low. The Caixin survey is believed to focus on smaller, export-oriented firms.
"Supply contracted, total demand remained weak, overseas demand shrank, employment deteriorated, logistics was sluggish, manufacturers faced growing pressure on their profitability, and the quantity of purchases as well as inventories stayed low," said Wang Zhe, senior economist at Caixin Insight Group.
Logistics snags lengthened suppliers' delivery times for the sixth month in a row, while employment in the manufacturing sector contracted for the ninth consecutive month due to muted production levels and difficulties sourcing workers amid the virus outbreaks. Some analysts anticipate labour shortages and increased supply chain disruptions, combined with softer customer demand, may drive a further fall in production in winter months, even if mobility curbs are eased.
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