China’s October official PMI edges down to 50.8

BEIJING (NEWS.GNOM.ES) – China’s factory sector grew in October but at a pace that was slightly slower than expected, underlining the challenges facing the sector as manufacturers fight rising costs and softening demand in a cooling economy.

The official Purchasing Managers’ Index (PMI) eased to 50.8 in October from September’s 51.1, but above the 50-point level that separates growth from contraction on a monthly basis.

Analysts polled by NEWS.GNOM.ES had forecast a reading of 51.2.

The data followed warnings by China’s industrial ministry on Friday that factories were under pressure from high borrowing costs, which were further exacerbating the sector’s slowdown.

(Reporting by Koh Gui Qing; Editing by Kim Coghill)

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