Official data: China’s manufacturing activities rebounded in October, ending a six-month decline
This uptick in the PMI marks the first official economic indicators for the month, following significant interest rate cuts and targeted measures to support the housing market introduced in late September
China’s manufacturing sector showed signs of recovery in October, ending a six-month streak of contraction, thanks in part to recent policy measures from Beijing aimed at revitalizing the economy. The official manufacturing purchasing managers’ index (PMI) increased to 50.1 in October, up from September’s 49.8, according to the National Bureau of Statistics (NBS).
This uptick in the PMI marks the first official economic indicators for the month, following significant interest rate cuts and targeted measures to support the housing market introduced in late September. Notably, this rebound occurred despite fewer working days in October due to a weeklong public holiday, suggesting a potential recovery in domestic demand.
Although new export orders experienced a slight decline, falling to 47.3 in October from 47.5 in September, the overall new orders index rebounded to 50.0, signaling a return to positive territory after five months of negative readings. This development further underscores the improving conditions within the domestic market.
Additionally, non-manufacturing activity rose to 50.2 in October, an increase from September’s 50, although it remained below the August figure of 50.3.