Chinese manufacturing growth beats estimates in Oct
A preliminary purchasing managers’ index from HSBC climbed to 50.4 in October after posting a reading of 50.2 in the previous month. The initial October reading was the strongest level posted since July 2014. The country’s National Bureau of Statistics will release its Purchasing Managers’ Index (PMI) for October on November 1. Initial forecasts called for a reading of 50.2. Any reading above 50 indicates expansion.
Economists commented that although China’s manufacturing sector likely stabilized in October, China is still showing signs of insufficient effective demand. The government is trying to prevent a further deceleration in growth after posting its slowest rate of expansion since the first quarter of 2009 in the third quarter, when the economy grew 7.3%.
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