China's manufacturing PMI falls in October
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E-mail Xinhua, October 31, 2023
Workers assemble engines on an assembly line at a workshop of the Weichai Power Co., Ltd. in Weifang City, east China's Shandong province, April 22, 2021. [Photo/Xinhua]
The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.5 in October, down from 50.2 in the previous month, data from the National Bureau of Statistics (NBS) showed Tuesday.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The sub-index for large enterprises remained in the expansion zone at 50.7 in October, down from 51.6 in the previous month. The sub-index for production came in at 50.9, a drop from 52.7 a month earlier, affected by factors such as a high comparative basis in September and fewer working days in October due to the Mid-Autumn Festival and National Day holiday, according to NBS statistician Zhao Qinghe.
Enterprises anticipate manufacturing activities to pick up in the near term, with the sub-index for production and business expectations at 55.6, up from 55.5 in September and above 55 for four consecutive months.
Tuesday's data also revealed that non-manufacturing activity remained in expansion territory in October, with the PMI for this sector reaching 50.6, down from 51.7 in September.
Commenting on manufacturing PMI data, which dipped this month after climbing above 50 for the first time in half a year last month, Zhao said there is a moderation in the country's economic climate level, and that the foundation for a sustained economic recovery needs to be further consolidated.
