China’s Manufacturing Contracts for Third Straight Month, Caixin PMI Shows

Activity in China’s manufacturing sector contracted for the third consecutive month in October, as Covid-19 outbreaks continued to disrupt logistics and demand weakened, a Caixin-sponsored survey showed Tuesday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 49.2 in October, up from 48.1 the previous month. A reading below 50 indicates a contraction in activity, while a number above that signals an expansion.