China’s manufacturing Purchasing Manager’s Index (PMI) stood at 49.2 in November, signalling contraction for the eighth month in a row, reports the South China Morning Post. A reading above 50 suggests economic expansion, while one below 50 indicates contraction, and the PMI of 49.2 is up from 49 a month earlier, the National Bureau of Statistics said on Sunday.
The reading was in line with a forecast of 49.2 based on economists polled by financial data provider Wind. The monthly index compiles survey data given by supply chain managers from various sectors.
The country’s manufacturing sector has been weighed down this year by weak domestic demand, a crackdown on heavy competition and heightened trade tensions. Despite government efforts to boost consumption, spending has remained soft, dragged down by low consumer confidence and a suffering property sector.