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<p>The second of the monthly manufacturing PMIs from China, the Caixin / Markit survey.</p><p>Earlier this week we had the official PMIs from China's National Bureau of Statistics. </p><ul class="text-align-start vertical-align-baseline"><li><a href="https://www.forexlive.com/news/china-official-manufacturing-pmi-480-expected-490-20221130/" rel="follow" target="_self" class="article-link vertical-align-baseline">China official Manufacturing PMI 48.0 (expected 49.0) & Services 46.7 (expected 48.0)</a></li><li><a href="https://www.forexlive.com/news/more-on-chinas-nov-pmi-plunge-into-deep-contraction-for-both-manufacturing-and-services-20221130/" rel="follow" target="_blank" class="article-link">More on China's Nov. PMI plunge into deep contraction for both manufacturing and services</a></li></ul><p>Summary points made in the report commentary ... pretty dire .... </p><ul><li>in contractionary territory for the fourth consecutive month</li><li>Both manufacturing supply and demand continued to shrink last month due to the spreading Covid outbreaks and subsequent containment measures</li><li>subindices for output and total new orders remained below 50 for a third and fourth straight month respectively, with output weakening at a faster pace</li><li>Due to Covid controls at home coupled with rising recession risks overseas, the reading for new export orders remained in contraction for the fourth consecutive month</li><li>Employment took a dive ... The related subindex remained in contractionary territory for the eighth month running, and logged its worst performance since February 2020</li><li>The gauges for input and output prices diverged for the second consecutive month. As prices of bulk commodities like metals and crude oil ticked up, input costs rose at a slightly faster pace. Given the weakness in demand, it was difficult for manufacturers to pass on their rising input costs</li></ul><p>---</p><p>Maybe there is some light at the end of the tunnel:</p><p><a href="https://www.forexlive.com/news/china-official-behind-strict-covid-lockdowns-softens-her-stance-20221201/" target="_blank" rel="follow" data-article-link="true">China Official Behind Strict Covid Lockdowns Softens Her Stance</a></p><p>-</p><p>Hopefully the leadership listens to the people. </p>

                This article was written by Eamonn Sheridan at forexlive.com.