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China official October PMI plunges to 44.6
November 1, 2008 / 1:21 AM / 9 years ago

China official October PMI plunges to 44.6

BEIJING, Nov 1 (Reuters) - China’s official purchasing managers’ index (PMI) plunged to 44.6 in October, down from 51.2 in September, the China Federation of Logistics and Purchasing (CFLP) said on Saturday.

That meant the index fell back below the boom-bust line of 50, indicating a contraction of factory activity, after creeping above it last month.

It was the lowest reading in the history of the survey, offering the latest evidence that the global financial crisis is exacting a cost on the Chinese economy.

A reading over 50 indicates an expansion of activity, while one below 50 suggests contraction.

Purchasing managers’ index:

Oct Sep Aug Jul Jun May Apr Overall PMI 44.6 51.2 48.4 48.4 52.0 53.3 59.2 (Reporting by Simon Rabinovitch; Editing by Kim Coghill)

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