Current:Home > Contact-usChinese manufacturing weakens amid COVID-19 outbreak-DB Wealth Institute B2 Expert Reviews
Chinese manufacturing weakens amid COVID-19 outbreak
View Date:2024-12-23 19:00:39
BEIJING — Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since early 2020, as the country battles a nationwide COVID-19 surge after suddenly easing anti-epidemic measures.
A monthly purchasing managers' index declined to 47.0 from 48.0 in November, according to data released from the National Bureau of Statistics on Saturday. Numbers below 50 indicate a contraction in activity.
The contraction was the biggest since February 2020, when the COVID-19 pandemic had just started.
The weakening comes as China earlier this month abruptly relaxed COVID-19 restrictions after years of attempts to stamp out the virus. The country of 1.4 billion is now facing a nationwide outbreak and authorities have stopped publishing a daily tally of COVID-19 infections.
Several other sub-indexes, including for large enterprises, production and demand in the manufacturing market also dropped compared to November.
"Some surveyed companies reported that due to the impact of the epidemic, the logistics and transportation manpower was insufficient, and delivery time had been extended," said Zhao Qinghe, a senior economist at the statistics bureau in a published analysis of the December data.
According to data from the bureau, sectors including construction saw expansion in December together with sub-indexes that measure industries such as air transport, telecommunications, and monetary and financial services.
The purchasing managers' index for China's non-manufacturing sector also fell to 41.6 in December, down from 46.7 in November.
China is likely to miss its goal of 5.5% economic growth this year, with forecasters cutting their outlook to as low as 3% in annual growth, which would be the second weakest since at least the 1980s.
veryGood! (757)
Related
- Fantasy football waiver wire: 10 players to add for NFL Week 11
- 5 missing skiers found dead in Swiss Alps, search for 6th continues: We were trying the impossible
- 63,000 Jool Baby Nova Swings recalled over possible suffocation risk
- Colleges give athletes a pass on sex crimes committed as minors
- Louisiana mom arrested for making false kidnapping report after 'disagreement' with son
- Michelle Yeoh Shares Why She Gave Emma Stone’s Oscar to Jennifer Lawrence
- Robert Downey Jr. and Emma Stone criticized for allegedly snubbing presenters at Oscars
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, TMI
- Hurricane forecasters on alert: November storm could head for Florida
- Illinois police identify 5 people, including 3 children, killed when school bus, semitruck collide
Ranking
- Man charged with murder in fatal shooting of 2 workers at Chicago’s Navy Pier
- The Daily Money: Trader Joe's tote goes viral
- Private utility wants to bypass Georgia county to connect water to new homes near Hyundai plant
- Jessie James Decker Details How Her Kids Have Adjusted to Life With Baby No. 4
- Skai Jackson announces pregnancy with first child: 'My heart is so full!'
- Reports: Vikings adding free-agent QB Sam Darnold, RB Aaron Jones
- Netanyahu dismisses Biden's warning over innocent lives being lost in Israel's war with Hamas in Gaza
- National Republican Chairman Whatley won’t keep other job leading North Carolina GOP
Recommendation
-
Jessica Simpson's Husband Eric Johnson Steps Out Ringless Amid Split Speculation
-
New York’s budget season starts with friction over taxes and education funding
-
Ryan Gosling's I'm Just Ken Oscars Secrets Revealed: Emma Stone Moment, Marilyn Inspiration and More
-
Wisconsin Legislature to end session with vote on transgender athlete ban, no action on elections
-
Martin Scorsese on faith in filmmaking, ‘The Saints’ and what his next movie might be
-
Peter Navarro, former Trump White House adviser, ordered to report to federal prison by March 19
-
Proof Jax Taylor and Brittany Cartwright's Marriage Was Imploding Months Before Separation
-
Day care provider convicted of causing infant’s death with antihistamine sentenced to 3 to 10 years