China’s Manufacturing PMI Edged Lower, Signaling Continued Weakness

An official gauge of China’s manufacturing activity indicated contraction for a second consecutive month in November, signaling continued weakness in the economy despite Beijing’s recent efforts to juice up growth amid a protracted housing slump.

China’s official manufacturing purchasing managers’ index slipped to 49.4 in November from 49.5 in October, the National Bureau of Statistics said Thursday. A reading above 50 indicates an expansion in activity while a reading below it indicates contraction.