China’s factory activity unexpectedly contracted in November, according to a private survey released Monday, as soft domestic demand continued to cast a pall over the world’s second-largest economy.
The RatingDog China General Manufacturing PMI, conducted by S&P Global, dropped to 49.9 in November, missing analysts’ expectations of 50.5 in a Reuters poll. A reading above the 50 benchmark level suggests an expansion, while one below that indicates contraction.
The official manufacturing PMI, released on Sunday, showed China’s factory activity shrank for an eighth month in November, coming in at 49.2, although marking a modest improvement from 49.0 in the prior month.
The private survey, previously known as the Caixin/S&P Global PMI, has typically painted a better picture than the official polls over the past years as it focuses more on export-oriented manufacturers.
The RatingDog private survey covers 650 manufacturers and collects responses in the second half of each month, while the official PMI surveys a larger sample of over 3,000 companies at month-end.
