China's manufacturing PMI down in October

The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.2 in October, down from 50.1 in September, data from the National Bureau of Statistics showed Monday.

A reading above 50 indicates expansion, while a reading below reflects contraction.

Sporadic and scattered COVID-19 outbreaks weighed on the October reading, the bureau's senior statistician Zhao Qinghe said.

Another cause for the decline is a contraction in energy-intensive industries, with the sub-reading at 48.8, down from 50.6 in September, according to Zhao.

The sub-index for large enterprises remained in the expansion zone at 50.1 in October, down from 51.1 the previous month. The sub-reading for production and new orders came in at 49.6 and 48.1, respectively.

Firms anticipate manufacturing activities to pick up in the near term, with the sub-index for production and business expectations at 52.6.

Monday's data also showed the PMI for China's non-manufacturing sector came in at 48.7 in October, down from 50.6 in September.