Chinese factory activity contracts in October as pandemic recovery falters

Published October 31, 2023 1:37 AM

By ZEN SOO
AP Business Writer

HONG KONG (AP) — An official survey of manufacturers shows China’s factory activity contracted in October, suggesting the economy remains on uneven footing. The purchasing managers’ index, or PMI, fell to 49.5 in October on a 100-point scale, down from 50.2 last month. A figure below 50 indicates a contraction in manufacturing activity while a number more than 50 demonstrates an expansion. The non-manufacturing PMI for October fell 1.1 percentage points to 50.6, a sign of slowing activity in China’s service and construction industries. Factory output and supplier delivery times improved while measures of new orders, raw materials and employment contracted.