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MNI BRIEF: Caixin China Nov Manufacturing PMI Falls Below 50

SINGAPORE (MNI)

Caixin survey for November diverges with official PMI.

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Caixin China's manufacturing PMI for November declined 0.7 points on month to 49.9, falling back to the contraction zone below the breakeven 50, indicating a slower recovery of the manufacturing sector, the financial publisher Caixin said on Wednesday.

The manufacturing industry in November saw recovered supply as a power crunch eased but weak demand. The production sub-index rose above 50 after three months in the contraction zone. However, the new order sub-index fell below 50 on sluggish demand, while the resurgence of Covid-19 cases and rising product prices dampened demand.

External demand also remained sluggish, with the new export order sub-index remaining below 50 for the fourth month as exporters reported transportation difficulties amid the pandemic. Caixin's PMI tracks small and medium-sized manufacturers, while the official PMI covering large state-owned companies and released on Tuesday rose by 0.9 points to 50.1 in November from October.