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Caixin PMI continues to contract in October
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Manufacturing activity in China's private and export-oriented companies continued to contract in October but the level of deterioration improved from that in September, complemeting the evidence of an economic stabilization, a survey showed today.
The Caixin China Purchasing Managers' Index, an indicator of operating conditions in the manufacturing sector slated towards private and export-oriented companies, landed at 48.3 last month, up from 47.2 in September to reach a four-month high, according to the Caixin magazine and research firm Markit.
A reading above 50 means expansion, and below it points at contracted activity. The October figure also suggested the first rebound since June.
It complemented October's reading of 49.8 in the official PMI that weighs towards state-owned manufacturing companies. Their performance, unchanged from that in September, ended a stream of deepening deterioration in the past four consecutive months.
He Fan, chief economist at Caixin Insight Group, said "the slight upswing shows the manufacturing industry's overall weakening has slowed down, indicating that previous stimulating measures have begun to take effect."
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