China's National Bureau of Statistics reported October contraction across manufacturing, non-manufacturing and composite readings
China’s manufacturing PMI, non-manufacturing index and composite output index all fell below 50 in October, indicating contraction, National Bureau of Statistics data showed. They measured 49.3, 49.7 and 49.7, respectively. Construction activity dropped to 48.0, while services stood at 50.0. The bureau attributed part of manufacturing’s slowdown to demand brought forward before the National Day holiday and international uncertainty.
More context
China's manufacturing, non-manufacturing and composite output readings all fell below the 50-point threshold in October, indicating contraction, National Bureau of Statistics data released Oct. 31 showed. Manufacturing PMI was 49.3, down 0.8 percentage points from September; non-manufacturing business activity was 49.7, down 0.5 percentage points, and composite PMI output was 49.7, down 1.0 percentage point. Manufacturing production fell to 49.8 from 51.7, while new orders dropped to 49.4 from 50.5. Construction activity declined to 48.0 from 50.3; construction new orders fell to 40.0, down 5.7 percentage points, and the construction employment index fell to 42.0. Services eased to 50.0 from 50.2. The NBS said manufacturing weakness partly reflected demand shifted ahead of the National Day break and uncertainty in the international environment. Business expectations remained positive.
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Verifier’s note
BusinessToday Malaysia and BigGo Finance both report October declines in China’s manufacturing and non-manufacturing activity, supporting the claim that economic activity weakened sharply. Both reports were published on October 31, so the event is timely.