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China factory activity contracts for second month

by Mike Robinson

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© Reuters. After the COVID-19 outbreak in Wuhan (Hubei Province, China), August 16-2021, a Gree worker inspects the circuit boards on the production line for controllers. China Daily via REUTERS

BEIJING, (Reuters) – China’s factories contracted in October more than anticipated, due to high prices for raw materials and disruptions in power supply.

Data from the National Bureau of Statistics (NBS), showed that October’s official manufacturing Purchasing Manager’s Index, (PMI), was at 49.2 – down from September’s 49.6.

This is the mark that separates growth and contraction. Analysts predicted it at 49.7.

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