China: Manufacturing PMI rises in September, but non-Manufacturing PMI slumps
The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in September, up from August’s 49.4. As such, the index rose above the 50.0 no-change mark, signaling an improvement in manufacturing sector operating conditions from the previous month.
The headline print reflected a rebound in output and a softer decrease in new orders. Looking at firms by size, the PMI of large firms was the only one above the 50-threshold. Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI clocked in at 50.6 in September, down from August’s 52.6, as a contraction in services outweighed stronger construction momentum. The services sector was dampened by Covid-19 restrictions, while construction likely received a boost from government stimulus measures.