China’s Oct manufacturing PMI increases at fastest pace in almost 2 years
The Caixin manufacturing PMI, a private measure which captures mid-sized companies, also rose to 51.2 in October and showed the fastest pace of improvement since March 2011. According to Caixin, stronger new order growth led to the rise in the PMI.
The sub-index for factory output rose to a reading of 53.3 in October from September’s 52.8, expanding at a faster pace while the sub-index for new orders increased to a reading of 52.8 when compared to 50.9 in the previous month. It is also reported that the non-manufacturing PMI grew to 54 in October when compared to 53.7 in September, recording the highest level for 2016.
New export orders decreased to a reading of 49.2 in October from 50.1 a month earlier.
Meanwhile, the government’s official services PMI was up to a reading of 54.0 in October from 53.7 in September and 53.5 in August.
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