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China Industry Contracts
China’s industrial activity returned to contraction in October, with the Purchasing Managers’ Index falling to 49.3 from 50.1 in September. The reading was below the 50-point threshold separating contraction from expansion and missed economists’ forecast of 49.9. An official at the National Bureau of Statistics attributed the decline to a week-long national holiday, disruptions in the international environment and higher raw-material costs. Meanwhile, a 1.9-point drop in the consumer-goods sector index pointed to weak domestic demand, despite continued growth in high-tech industries. The non-manufacturing activity index, which covers services and construction, also fell, to 49.7 from 50.2 in September.
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