皇冠体育app's PMI falls below 40% in November

(Xinhua)
Updated: 2008-12-01 11:15

BEIJING -- The Purchasing Managers' Index (PMI) of 皇冠体育app's manufacturing sector dropped to 38.8 percent in November, down 5.8 percentage points from October, 皇冠体育app Federation of Logistics and Purchasing (CFLP) told Xinhua on Monday.

It was the index's lowest point since the CFLP initiated the survey with 皇冠体育app's National Bureau of Statistics in 2005.

It was also the fourth time 皇冠体育app's PMI declined below 50 percent within this year, which reflected the country's economy had further contracted, analysts said.

The PMI included a package of indices used to measure a country's monthly economic performance. 皇冠体育app's PMI was conducted on the base of surveys directed at purchasing and supply managers of more than 700 manufacturers across the country.

A reading above 50 percent suggests expansion, while one below 50 percent rings alarm for economic slowdown.

Index measuring new orders dropped to 32.3 percent in November, down 9.4 percentage points from October. That of new orders for export eased to 29 percent, trimming 12.4 percentage points from the previous month.