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Dolls-making workers in a factory in Lianyungang, Jiangsu Province of China.
Stringer | AFP | Getty Images
China said Monday that manufacturing activity expanded for the ninth consecutive month in November as the world’s second largest economy continues to recover from the collapse caused by the coronavirus pandemic.
The Official Manufacturing Purchasing Managers (PMI) Index for November came in at 52.1, according to the National Bureau of Statistics. It’s better than the 51.5 analysts predicted in a Reuters poll and the official October reading of 51.4.
PMI readings above 50 indicate expansion, while PMI readings below that contraction signal. PMI readings are sequential and show month-to-month expansion or contraction.
China, where the first cases of Covid-19 were detected, is among the few economies that are expected to continue growing this year, but at a very slow pace. The International Monetary Fund has predicted that the Chinese economy will grow 1.9% in 2020, slowing from 6.1% last year.
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