China: Manufacturing and non-Manufacturing PMIs falls in October
October 31, 2022
The National Bureau of Statistics' Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 in October from September's 50.1. As a result, the index dropped below the 50.0 no-change mark, signaling a deterioration in manufacturing sector operating conditions from the previous month.
The headline print reflected a deterioration in output and faster decreases in new orders and employment. Meanwhile, the National Bureau of Statistics' non-Manufacturing PMI stood at 48.7 in October, down from September’s 50.6. A depressed services sector, amid persistent Covid-19 restrictions, was behind the reading. Looking at subsectors, new orders, employment and foreign orders contracted at sharper rates in October.
Author: Oliver Reynolds, Economist
