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China’s manufacturing sector strengthens more than expected in October
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CHINA’S manufacturing activity grew at the fastest pace in more than two years in October, reflecting a stabilizing economy and the effects of capacity reduction, data showed today.
The official Purchasing Managers' Index, a comprehensive gauge reflecting operational conditions in largely state-owned manufacturing companies, increased 0.8 points from a month earlier to 51.2 in October, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
A reading above 50 means growing activity in the manufacturing sector. The October figure marked such expansion for a third consecutive month, and was the strongest since July of 2014.
Meanwhile, the Caixin China General Manufacturing PMI, a counterpart for smaller and private manufacturers, also rose to 51.2 in October, the fastest pace since March of 2011.
“China’s manufacturing PMI surprised the market on the upside,” said Li Wei, an economist at Commonwealth Bank of Australia. “We expect industrial production growth will accelerate to 6.4 percent in October, up from 6.1 percent a month earlier.”
The components of the official PMI showed that new orders strengthened to 52.8 in October from 50.9 in September, while production improved to 53.3 from 52.8.
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