Workers producing dolls in a factory in Lianyungang, China’s Jiangsu province.
Stringer | AFP | Getty Images
China said on Monday that manufacturing activity expanded for the ninth straight month in November as the world’s second-largest economy continues to recover from a slump caused by the coronavirus pandemic.
The official manufacturing Purchasing Managers’ Index (PMI) for November came in at 52.1, according to the National Bureau of Statistics. That’s better than the 51.5 forecast by analysts in a Reuters poll and October’s official reading of 51.4.
PMI readings above 50 indicate expansion, while those below that signal contraction. PMI readings are sequential and show month-on-month expansion or contraction.
China, where cases of Covid-19 were first detected, is among the few economies expected to continue growing this year — but at a much slow pace. The International Monetary Fund has forecast the Chinese economy to expand by 1.9% in 2020, slowing from the 6.1% last year.
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Source: CNBC