Chinese manufacturing purchasing managers' index rises to 49.8 in September
Date
9/30/2024 4:41:59 AM
(MENAFN) According to official data released on Monday, China's purchasing managers' index (PMI) for the manufacturing sector rose to 49.8 in September, a notable increase from 49.1 in August. This improvement marks the highest level recorded in the past five months and effectively ends a two-month period of decline. The National Bureau of Statistics (NBS) highlighted this uptick as a positive indicator of manufacturing activities gaining momentum during the month.
NBS statistician Zhao Qinghe commented that the rising PMI suggests a noticeable increase in manufacturing activities, indicating a better performance compared to previous months. Notably, the sub-index for production reached 51.2, surpassing the critical threshold of 50 that separates expansion from contraction. The data further revealed that manufacturers of all sizes—large, medium, and small—reported increases in their PMIs, suggesting a broad-based recovery in the sector.
The report identified high-tech and equipment manufacturing sectors as the primary drivers of growth, with PMIs recorded at 53 and 52, respectively. Additionally, the consumer goods sector also showed signs of improvement, achieving a PMI of 51.1, which reflects a significant warming trend in consumer demand. These figures collectively indicate a positive shift in the manufacturing landscape as the country navigates through its economic recovery.
In the context of PMI readings, a score above 50 signals expansion in the manufacturing sector, while a score below 50 indicates contraction. The latest figures from the NBS suggest that the manufacturing industry in China is poised for a rebound, highlighting the potential for sustained growth in the coming months as conditions continue to improve.
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