China manufacturing weak, adding to economy pressure
Two surveys show growth in Chinese manufacturing was weak in September, export orders fell and employers cut jobs
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Growth in Chinese factory activity was weak in September, export orders fell and employers cut jobs, two surveys showed Friday, adding to pressure on lackluster economic growth.
A monthly purchasing managers’ index released by business news magazine Caixin fell to 48.1 from August’s 49.5 on a 100-point scale in which readings below 50 indicate activity contracting. A separate PMI by an official industry group rose to 50.1 from 49.4.
“The surveys suggest that China's economy continued to lose momentum,” Zichun Huang of Capital Economics said in a report.
That adds to complications for Chinese leaders who are trying to reverse an economic slump after growth fell to 2.2% in the first six months of 2022, less than half the 5.5% official target.
Those efforts have been hampered by weak global and Chinese consumer demand and a slump in real estate activity caused by an official crackdown on the industry’s use of debt.
Caixin’s index of new export orders fell to a four-month low of 48.1 from 49.8 and the China Federation of Logistics & Purchasing said its separate index declined to 47 from 48.1. Both said measures of employment were in negative territory, showing companies cut jobs.
“We think the economy will remain weak heading into 2023," Huang said.