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China PMI September 2023

China: Manufacturing PMI rises to six-month high in September; non-Manufacturing PMI improves

The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) rose to 50.2 in September from August’s 49.7. September’s result marked the best performance since March and beat market expectations. As such, the index rose above the 50.0 no-change threshold, signaling an improvement in manufacturing sector operating conditions from the previous month. The rise in the Manufacturing PMI reflected improvements in readings for output, new orders and employment.

Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI came in at 51.7 in September, up from August’s 51.0. Activity improved in both the construction and services sectors.

Taken together, the PMI figures suggest China’s economy bottomed out at the end of Q3, aided by recent stimulus measures by the authorities.

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