China manufacturing PMI contracts for second straight month
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The news: China's official manufacturing purchasing managers index contracted for a second straight month in November, and at a slightly higher rate, as signs of weakness in the world's second-largest economy persist.
The numbers: Manufacturing PMI came in at 49.4, below October's 49.5 figure and undershooting expectations of 49.8, an official factory survey showed. A figure below 50 indicates contraction. Non-manufacturing PMI fell from 50.6 to 50.2 in November but remained in expansionary territory.
The context: PMI is often a leading indicator of economic health, so today's data will put pressure on Beijing to do more to stimulate China's lumbering economy. China's post-Covid recovery has been encumbered by a property sector liquidity crisis, local government debt issues and weak global growth.
The source: China Federation of Logistics and Purchasing
