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China’s Manufacturing Activity Contracts for Second Straight Month
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BEIJING—A contraction in China’s factory activity worsened for a second straight month in October, adding evidence that growth momentum has weakened as the country’s vast manufacturing sector is weighed down by soaring raw material costs, a widespread power crisis and a sharp slowdown in the property sector.
China’s official manufacturing purchasing managers index dropped to 49.2 in October, according to data released Sunday by the National Bureau of Statistics, lower than September’s 49.6 reading and the lowest since the outbreak of the pandemic in February 2020.
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