China PMI October 2020

China

China: Manufacturing PMI inches down in October

October 31, 2020

The manufacturing Purchasing Managers’ Index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) declined slightly from 51.5% in September to 51.4% in October. That said, the print was above the 51.3% expected by market analysts. As a result, the index remained above the 50.0% threshold that separates expansion from contraction in the manufacturing sector.

October’s reading was the result of declines in job creation and inventories, while the output and suppliers’ delivery times posted smaller losses. All-important new orders steadied in the same month. As a result of the easing of the global lockdown, export orders jumped to an over two-year high in October. Meanwhile, input prices—a reliable leading indicator for producer inflation—continued to climb.

FocusEconomics Consensus Forecast participants expect industrial production to rise 7.7% in 2021, which is up 0.2 percentage points from the previous month’s forecast. In 2022, the panel sees industrial production growth at 4.9%.


Author: Ricard Torné, Head of Data Analysis

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Note: Purchasing Managers’ Index. Readings above 50% indicate an expansion in the manufacturing sector while readings below 50% indicate a contraction.
Source: National Bureau of Statistics of China (NBS) and the China Federation of Logistics and Purchasing (CFLP).


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