The Chinese National Bureau of Statistics reported on Friday that manufacturing activity contracted for the seventh consecutive month in October, posting even lower numbers than expected.

China’s Purchasing Managers Index (PMI), the primary metric of factory activity, dropped from 49.8 in September to just 40 in October. The PMI is rated on a scale of zero to 100, with any score less than 50 indicating a contraction. China has consistently had a score below 50 since President Donald Trump announced his “Liberation Day” tariffs in April.

Bureau of Statistics chief analyst Huo Lihui blamed some of the contraction on the Golden Week , the Chinese national holiday observed during the first week of October. This well-known holiday would presumably have been factored into gov

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