China Industrial Profits Drop as Covid Outbreaks Slow Output

(Bloomberg) — Profits at industrial firms in China declined in the first 11 months of the year, as production slowed and factory-gate prices fell amid Covid-19 disruptions.

Industrial profits in the January-November period dropped 3.6% from the year-earlier period, the National Bureau of Statistics said Tuesday. The decline steepened from a 3% drop in the first 10 months of 2022.