The key gauge of the current state of the economy dipped below the boom-or-bust line of 50 percent in November for the first time in 10 months due chiefly to a decline in industrial output, the government said Friday.

The index of coincident economic indicators stood at 33.3 percent, after registering 90 percent in October, the Cabinet Office said in a preliminary report.

A reading below 50 percent is considered a sign of economic contraction, while a figure above is seen as a sign of expansion.