Chinese Manufacturing PMI Contracts in October, Falling Short of Expectations
China's official manufacturing Purchasing Managers' Index (PMI) dropped to 49.5 in October from 50.2 in September, missing analysts' estimates and indicating contraction in the large manufacturing sector. New factory orders and employment declined in October, pointing to weaker demand and factories hiring fewer workers. Weaker consumer spending, ongoing property crisis, and soft global demand continue to pose challenges for China's economy. Beijing has rolled out additional stimulus measures, including bond issuances for infrastructure and eased property restrictions to boost growth.
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00:00 It's Benzinga and here's what's on the block.
00:02 China's official manufacturing purchasing managers index dropped to 49.5 in October
00:08 from 50.2 in September, missing analyst estimates and indicating contraction in the large manufacturing
00:14 sector.
00:15 New factory orders and employment declined in October, pointing to weaker demand in factories
00:19 hiring fewer workers.
00:22 Weaker consumer spending, ongoing property crisis and soft global demand continue posing
00:26 challenges for China's economy.
00:29 Beijing has rolled out additional stimulus measures, including bond issuances for infrastructure
00:33 and eased property restrictions to boost growth.
00:36 For all things money, visit Benzinga.com.
00:38 (upbeat music)