China’s Manufacturing PMI Falls to 49.3 in October

China’s official manufacturing activity contracted in October, with the purchasing managers’ index falling to 49.3 from 50.1 in September, according to the National Bureau of Statistics of China. Readings below 50 indicate contraction. The nonmanufacturing activity index also slipped below that threshold, as weaker orders and production weighed on the monthly figures. October marked the third month below 50 in the past four months for the manufacturing index. The measure had risen to 50.1 in September after readings of 49.2 in July and 49.8 in August. The October result signals a loss of momentum at the start of the fourth quarter, though the survey does not establish how long the decline will continue. Within manufacturing, the production index fell 1.9 points to 49.8, while the new-orders index dropped 1.1 points to 49.4. New export orders fell to 48.7 from 50.0, returning to contraction. The figures point to weakness in both production and demand, but do not by themselves determine the outlook for exports or household spending. Results varied by company size. Large manufacturers remained in expansion, at 50.2, while medium-sized firms registered 48.4 and small firms 47.5....