Business News
China manufacturing index shows contraction
Dec 1, 2011, 4:17 GMT
Beijing - A Chinese monthly manufacturing index fell into negative territory for the first time in nearly three years on Thursday, suggesting contraction in some industries.
The China Purchasing Managers' Index hit 49 per cent in November, down from 50.4 per cent in October, recording its lowest level since February 2009.
A sub-index for new orders fell in November to 47.8 per cent from 50.5 per cent in October, while a measure for purchase prices dropped to 44.4 per cent, according to the China Federation of Logistics and Purchasing, which produces the indices.
Food production, electronics and non-ferrous metals were among the industries in which purchasing managers indicated contraction last month, state media reported.
The PMI is based on a survey of purchasing managers from some 800 companies in 20 industries. A value below 50 per cent indicates possible contraction.
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