Latest news updates: Turkish economy grows in third quarter amid depreciating lira


China’s manufacturing activity expanded in November, beating estimates as a strong uptick in production helped the economy to shrug off two months of contraction.

The official manufacturing purchasing managers’ index came in at 50.1 for November, just above the threshold that separates contraction from expansion in the sector.

But the figures for companies of different sizes diverged, with large and medium-sized manufacturers on average reporting an expansion in their activities, while small enterprises notched another contraction.

Earlier in November, China’s State Council unveiled new measures to support small and medium-sized enterprises.

Employees assemble pianos at a Perth Music Group factory in Yichang, Hubei province
Employees assemble pianos at a Perth Music Group factory in Yichang, Hubei province © Getty Images

China’s economy has been buffeted by a property sector downturn and energy shortages in recent months. Both factors, however, showed signs of abating in November as officials signalled a crackdown on developers might soon ease, and intervened to control fuel prices.

Last month, the manufacturing PMI came in at 49.2, the lowest level since February last year. This month’s reading beat analyst forecasts for a contraction reading of 49.6.

The official figures for November, released by the National Bureau of Statistics, showed a 7.4 per cent increase in production in the manufacturing sector.

The other main components of the index — new orders, raw material stores, workers employed and supply delivery times — all remained in contraction territory.

China’s non-manufacturing PMI also posted an expansion in activity, coming in at 52.3. The figure brought the country’s composite PMI to 52.2, its fourth consecutive expansion.



Read More:Latest news updates: Turkish economy grows in third quarter amid depreciating lira

2021-11-30 08:27:45

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