China's October factory activity contracts at fastest pace in 3 months, PMI survey shows

BEIJING, Oct 31 (Reuters) - China's factory activity contracted in October at its fastest pace in three months, an official survey showed on Saturday, as soft demand, including for exports, weighed on manufacturers.

The official ⁠manufacturing purchasing managers' index (PMI)fell to 49.3 from 50.1 in September, missing a 50.0 forecast in Reuters poll, according to data from the National Bureau of Statistics.

The reading is compiled based ⁠on purchasing managers' reports about whether conditions improved, worsened or were unchanged in areas such ⁠as new orders, output and employment compared with the previous month. A ⁠reading above 50 signals expansion, while one below ⁠50 indicates contraction.

Reporting by Liangping Gao, Yukun Zhang and Ryan Woo; Editing by William Mallard