China PMI September 2020


China: Manufacturing PMI jumps to six-year high in September

September 30, 2020

The manufacturing Purchasing Managers’ Index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) rose from 51.0% in August to 51.5% in September. The print was above the 51.2% expected by market analysts and represented the strongest result in six months. As a result, the index remained above the 50.0% threshold that separates expansion from contraction in the manufacturing sector.

September’s rise was the result of higher readings for all the sub-components of the index. Inventories posted the largest increase followed by all-important output and new. As a result of the easing of the global lockdown, export orders jumped above the 50% threshold for the first time in nine months. Meanwhile, input prices—a reliable leading indicator for producer inflation—hit a two-year high.

FocusEconomics Consensus Forecast participants expect industrial production to rise 1.9% in 2020, which is down 0.1 percentage points from the previous month’s forecast. In 2021, the panel sees industrial production growth at 7.5%, which is up 0.1 percentage points from last month’s projection.

Author: Ricard Torné, Head of Data Analysis

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China PMI Chart

China PMI September 20 20

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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