China November Manufacturing PMI 49.4 (prior 49.2) | Forexlive

The second of the monthly manufacturing PMIs from China, the Caixin / Markit survey.

Earlier this week we had the official PMIs from China’s National Bureau of Statistics.

Summary points made in the report commentary … pretty dire ….

in contractionary territory for the fourth consecutive month
Both manufacturing supply and demand continued to shrink last month due to the spreading Covid outbreaks and subsequent containment measures
subindices for output and total new orders remained below 50 for a third and fourth straight month respectively, with output weakening at a faster pace
Due to Covid controls at home coupled with rising recession risks overseas, the reading for new export orders remained in contraction for the fourth consecutive month
Employment took a dive … The related subindex remained in contractionary territory for the eighth month running, and logged its worst performance since February 2020
The gauges for input and output prices diverged for the second consecutive month. As prices of bulk commodities like metals and crude oil ticked up, input costs rose at a slightly faster pace. Given the weakness in demand, it was difficult for manufacturers to pass on their rising input costs