China’s manufacturing activity unexpectedly shrunk in October, according to state official survey data, a negative sign showing that the world’s second-biggest economy is facing a bumpy road to recovery. China’s National Bureau of Statistics data, released on Oct. 31, showed that the manufacturing purchasing managers’ index (PMI) declined to 49.5 in October, compared with 50.2 in September. The official PMI is below market expectations as both Reuter’s and Bloomberg’s survey of economists projected China’s official PMI of 50.2 in October. Meanwhile, the non-manufacturing PMI also dropped to 50.6 in October, down from 51.7 in September, indicating a slowdown in activity in the vast service sector and construction....Read more https://www.theepochtimes.com/china/chinas-manufacturing-activity-unexpectedly-contracted-in-october-amid-recovery-concerns-5520293