(Bloomberg) -- The coronavirus is rapidly spreading across China and hitting production further, with more than half of firms reporting a case among their employees this month, according to a new survey.
About 53% of companies surveyed by China Beige Book said they’d had a case in their workforce this month. That was more than double the 24% who reported a case in October and the highest level in data back through January last year, according to the report.
China’s economy was “barely treading water” this month, with every business indicator deteriorating, according to the report. The first quarter could be worse still, as November is not typically the peak of Covid outbreaks and cases might continue to rise through the winter, the report said.
Read more: China Faces Long Reopening From Covid Zero: China Beige Book
Company revenue and profits both had double-digit declines from last year this month, according to the survey of more than 2,400 firms conducted November 17-27. Factory output “slowed significantly,” as did domestic and export orders.
The report confirms official data released Wednesday showing that manufacturing and services activity both slowed in November.
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