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China PMI September 2020

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

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.

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