China's manufacturing PMI falls to its lowest level in seven months

Data from the China's National Bureau of Statistics (NBS) showed that the manufacturing purchasing managers' index (PMI) in November 2022 was at 48.0, down from the previous month's figure of 49.2. The PMI continues to remain below the 50-point mark that seperates growth from contraction.

Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, said: In November, affected by multiple factors such as the frequent occurrence of domestic epidemic points and the more complex and severe international environment, China's purchasing managers' index fell.

Qinghe further stated that in November, the epidemic adversely affected the production and operation of some enterprises, with production activities slowing down and product orders decreasing.

PMI of enterprises of different sizes has fallen, with small enterprises facing greater pressure with regard to their production and operation. PMI for small businesses was 45.6, down 2.6 percentage points from the previous month.

In November, China's non-manufacturing PMI or the non-manufacturing business activity index was 46.7, down 2.0 percentage points from the previous month.

Among the 21 industries surveyed, 15 are in the contraction range, among which the business activity index of road transportation, air transportation, accommodation, catering, culture, sports and entertainment and other contact agglomeration industries is less than 38.0, and the total business volume of the industry has dropped significantly.

The comprehensive PMI output index for the month of November was 47.1, down from 49.0 reported in October 2022, indicating that the overall production and operation activities of Chinese enterprises continued to slow down.

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