China's September Manufacturing PMI Stands at 49.8, Up 0.4 from Previous Month but Remains Below the Expansion-Contraction Threshold
China's Manufacturing Purchasing Managers' Index (PMI) for September was 49.8, edging up 0.4 from the previous month, yet it still stayed below the expansion-contraction threshold.
Huo Lihui, Chief Statistician of the Service Industry Survey Center under the National Bureau of Statistics of China, interpreted the PMI data on Tuesday (September 30), stating that in September, manufacturing production activities accelerated, pushing the PMI up to 49.8, and the prosperity level continued to improve.
Huo Lihui noted that the PMIs for the equipment manufacturing industry, high-tech manufacturing industry, and consumer goods industry were 51.9, 51.6, and 50.6 respectively, all significantly higher than the overall manufacturing PMI. Meanwhile, the production indices and new orders indices of the aforementioned key industries were both in the expansion range, indicating that the supply and demand sides of enterprises remained relatively active. The PMI for high-energy-consuming industries stood at 47.5, a decrease of 0.7 from the previous month.
Reuters reported that China's manufacturing activity has contracted for the sixth consecutive month, which suggests that manufacturers are still waiting for more stimulus measures to boost domestic demand while keeping an eye on the progress of the China-U.S. trade agreement.
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