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China Caixin October PMI Rises to 48.3 vs 47.2 in September

Manufacturing activity slumped again in China in October although at a less severe pace than the previous month, a closely-watched survey showed Monday.

The preliminary Caixin China manufacturing purchasing managers’ index (PMI) rose to 48.3 in October, above the 47.5 forecast in a Reuters poll.

This compares with a final reading of 47.2 in September, the lowest since March 2009. A print above 50 indicates an expansion in activity while one below points to a contraction.

“The latest PMI readings suggest that momentum in the manufacturing sector continued to improve last month, helped by a pick-up in foreign demand, and that service sector growth is still holding up reasonably well,” said Julian Evans-Pritchard, China economist at Capital Economics.

Both output and new orders components rose, with the new export order component rising to 50.7, the highest level in 10 months.

CNBC [1]

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Craig Erlam

Craig Erlam [5]

Senior Market Analyst, UK & EMEA at OANDA [6]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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