China's manufacturing PMI rises to 50.2 in Sept from 49.7 in Aug
01 Oct 23 1 min read
Insights
- China's official manufacturing purchasing managers index expanded to 50.2 in September this year from 49.7 in August, rising for the fourth month in succession and pointing to an uptick in economic momentum.
- Production accelerated while market demand improved.
- The government statistics agency, however, feels the manufacturing sector recovery still faces headwinds.
Production accelerated while market demand improved, NBS said. The sub-indexes for production and new orders came in at 52.7 and 50.5 in September respectively—up from 51.9 and 50.2 in August.
Rising commodity prices and revival of company purchasing activity—with the sub-gauges of raw material prices and ex-factory prices both hitting the highest level this year at 59.4 and 53.5 respectively—led to recovery of price levels, a state-controlled media outlet reported.
The composite PMI, which includes both manufacturing and non-manufacturing activities, came in at 52 in September compared with 51.3 in August, indicating a pickup of enterprises' production and operation activities.
- Eurozone manufacturing PMI rises in May 2024: S&P Global
- Chinese manufacturing conditions markedly improve midway into Q2 2024
- Price expectations in Germany rise slightly in May 2024
- Vietnam's manufacturing sector shows slight improvement in May
- China’s economy projected to grow by 5% in 2024, 4.5% in 2025: IMF
NBS statistician Zhao Qinghe, however, feels the manufacturing sector recovery still faces headwinds as the proportion of manufacturers reporting heightened industry competition, high raw material costs and tight cash flow increased in September.
Fibre2Fashion News Desk (DS)
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