China Manufacturing Activity Expands For First Time In 6 Months
2024-10-23
2591
(fxcue news) - China's manufacturing activity expanded for the first time in six months in October, underpinned by strong domestic demand, official survey data revealed Thursday.
The official manufacturing Purchasing Managers' Index rose to 50.1 in October from 49.8 in September, survey data from the National Bureau of Statistics showed. The score was seen unchanged at 49.8.
A reading above the threshold 50.0 indicates expansion, while a score below 50.0 signals contraction. The Caixin General manufacturing PMI survey data is due on November 1.
The non-manufacturing PMI, which tracks both the service and construction sectors, posted 50.2, up from 50.0 in the previous month but below forecast of 50.4.
The overall composite PMI that combines services and manufacturing, advanced to 50.8 from 50.4 in September.
Although the PMIs have overstated the weakness in China's economy over the past year, they still provide some sense of the direction of travel, Capital Economics' economist Julian Evans-Pritchard said.
The economist noted that the uptick in the PMIs for September was mirrored by an improvement in the wider data. So it is encouraging to see the composite index rise further in October, he added.
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