China PMI September 2022

China

China: Manufacturing PMI rises in September, but non-Manufacturing PMI slumps

September 30, 2022

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.


Author:, Economist

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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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