China Economic Activity Falls as Covid Cases Surge to Record
- Manufacturing PMI drops to 48 in November, lowest since April
- Sub-indexes measuring output, suppliers’ delivery times plunge
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China’s economic activity contracted further in November amid a record Covid outbreak, with growth likely to remain weak and the central bank expected to add more stimulus to bolster the recovery.
The official manufacturing purchasing managers index fell to 48 this month, the National Bureau of Statistics said on Wednesday, the lowest reading since April and worse than an estimate of 49 in a Bloomberg survey of economists.