Chinese manufacturing activity shrinks in October- Caixin PMI
Investing.com-- Chinese manufacturing activity unexpectedly contracted in October, a private survey showed on Wednesday, pointing to broad declines in the sector after a government survey also showed a similar reading earlier this week. read 49.5 in October, missing expectations of 50.8 and falling from the 50.6 seen in the prior month. A reading below 50 indicates contraction, with the Caixin PMI contracting for the first time in three months.
Still, the two surveys signal a broad-based deterioration in Chinese manufacturing activity, with repeated stimulus efforts from Beijing providing only limited support to the sector. Manufacturing activity has largely struggled this year, with the Caixin PMI now indicating a contraction for five of the 10 months so far in 2023.
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