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Chinese manufacturing activity shrinks

Dec. 1, 2011 at 12:54 AM   |   Comments

BEIJING, Dec. 1 (UPI) -- Chinese manufacturing activity shrank in November, the first decline since February 2009, the China Federation of Logistics and Purchasing said Thursday.

The agency said the November Purchasing Managers' Index, a closely watched indicator of manufacturing activity, dropped to 49 percent from the previous month's 50.4 percent, pointing to the impact of the European economic crisis and effects of the Chinese government's anti-inflationary measures.

In the CFLP PMI, which is based on a survey of purchasing managers in more than 820 companies in 20 industries, any reading of 50 percent or more indicates expansion, China's official Xinhua news agency said.

The CFLP said new orders in November were 47.8 percent, down 2.7 percent from October. November's export orders fell to 45.6 percent, from October's 48.6 percent, suggesting the eurozone debt crisis and weakened demand from the European Union and the United States are affecting China's growth.

Agency Director Cai Jin said the November PMI confirmed a continuous trend of cooling growth, Xinhua reported.

China's gross domestic product in the third quarter grew 9.1 percent year-on-year, down from 9.5 percent in the second quarter and 9.7 percent in the first quarter.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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