Caixin
Oct 31, 2022 07:48 PM
ECONOMY

China’s Economy Weakens and Signs Point to More Strain Ahead

Fences surround a neighborhood placed under lockdown due to Covid-19 in Shanghai on Oct. 26. Photo: Bloomberg
Fences surround a neighborhood placed under lockdown due to Covid-19 in Shanghai on Oct. 26. Photo: Bloomberg

(Bloomberg) — China’s factory and services activity contracted in October, with signs that things could worsen in the coming months as the government sticks to Covid controls that have disrupted activity across the world’s second-largest economy.

Both the official manufacturing purchasing managers index and the non-manufacturing gauge, which measures construction and services activity, fell in the month to 49.2 and 48.7, respectively, missing economists’ expectations. A reading below 50 indicates contraction in activity, while anything above suggests expansion.

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