China Manufacturing unexpectedly Shrinks Drastically, China Goes Bankrupt And Lay Off? | China economic fallout
China's factory activity unexpectedly shrank in September due to wider curbs on electricity use and elevated input prices, while services returned to expansion as COVID-19 outbreaks receded, offering some relief to the world's second-biggest economy.
The official manufacturing Purchasing Manager's Index (PMI) was at 49.6 in September versus 50.1 in August, data from the National Bureau of Statistics (NBS) showed on Thursday, slipping into contraction for the first time since February 2020.
A sub-index for factory output contracted in September for the first time since February last year, dragged down by a pullback in high-energy consuming industries, such as plantsthat process metalsand oil products. The gauge stood at 49.6 versus 50.1 a month earlier.
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