MNI BRIEF: Caixin China Oct Mfg PMI Stays in Contraction Zone
China's October Caixin manufacturing PMI edged up 1.1 points to 49.2 , remaining in the contraction zone below 50 for a third consecutive month amid measures to curb renewed Covid-19 outbreaks, the financial publisher said Tuesday.
Both the production and new orders sub-indices stayed in contraction territory for a second and third month, respectively. The new export orders sub-index also contracted for a third month amid a slowing global economy, with some exporters reporting difficulties in transportation, Caixin said.
Caixin's PMI mainly tracks small and medium-sized manufacturers. The official PMI, which was released on Monday, covers mainly large state-owned companies and fell 0.9 points to 49.2 in October.