China October factory growth slows more than expected

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Tuesday, Oct 31 2017

China October factory growth slows more than expected

Growth in China’s manufacturing sector cooled more than expected in October in the face of tighter pollution rules that are forcing many steel mills, smelters and factories to curtail production over the winter. “Some regions stepped up pollution controls this month, with firms adjusting, halting or staggering production,” National Statistics Bureau official Zhao Qinghe said in comments published with the data. Zhao said that activity in energy-intensive and polluting industries slowed in October, while high-end manufacturing and consumption-related manufacturing continued to grow.

The official Purchasing Managers’ Index (PMI) released on Tuesday fell to 51.6 in October, from 52.4 in September, which was the strongest in over five years. It was the weakest reading in three months, but remained above the 50-point mark that separates growth from contraction on a monthly basis. Analysts surveyed by Reuters had forecast the PMI would fall slightly to 52.0, but still point to the 15th straight month of expansion.

More in this category: « UK Consumer Confidence down one point in October Eurozone CPI down to 1.4% »

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