BEIJING, Oct 31 (Reuters) – China’s factory activity contracted in October at its fastest pace in three months, an official survey showed on Saturday, as soft demand, including for exports, weighed on manufacturers.
The official manufacturing purchasing managers’ index (PMI)fell to 49.3 from 50.1 in September, missing a 50.0 forecast in Reuters poll, according to data from the National Bureau of Statistics.
The reading is compiled based on purchasing managers’ reports about whether conditions improved, worsened or were unchanged in areas such as new orders, output and employment compared with the previous month. A reading above 50 signals expansion, while one below 50 indicates contraction.
(Reporting by Liangping Gao, Yukun Zhang and Ryan Woo; Editing by William Mallard)
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