Sunday, November 01, 2015

Chinese Manufacturing Contracted Again for Third Straight Month

China's manufacturing contracted for the third consecutive month in October in a sign of weakness in the world's second-largest economy, official data showed Sunday.

The National Bureau of Statistics said that China's purchasing managers' index was 49.8 for October, the same figure as September. A PMI reading above 50 indicates an expansion of manufacturing activity while those below 50 indicate contraction.

The official non-manufacturing PMI, which gauges the services sector, was 53.1 percent for October, down from September's 53.4.

The Chinese government has cut interest rates six times in the past year to shore up economic growth that slowed to 6.9 percent in the third quarter.

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