(Yicai Global) Dec. 1 -- The seasonally-adjusted Caixin manufacturing purchasing managers’ index (PMI) recorded by the market research firm IHS Markit was 50.8 in November, down from 51.0 in the previous month. Although it is above the 50.0 threshold, the indicator has fallen to a five-month low, indicating only a slight improvement in manufacturing operations.
Chinese manufacturers continued to increase their output in November, data showed. Despite that the expansion rate of output was a little higher than that in October, the overall rate of expansion was still at a low level. November also saw a similarly slight growth in the total volume of new orders.
As in each month since November 2013, the scale of employment in China’s manufacturing industry continued to contract last month at a rate that is small, yet the most obvious in the past three months. Therefore, the unfinished business of manufactures went up further, with the backlog rate of work slowing down from October but being quite evident.
In November, the growth of new business was sluggish and the enterprises’ confidence in the production prospects for the next 12 months weakened, while the optimism level even dropped to the lowest point since the survey was conducted in April 2012.
The economy grows at a faster speed this year than 2016, but might be under downward pressure next year, said Zhong Zhengsheng, director of macroeconomic analysis unit at CEBM Group Ltd., a research firm.