Posted on 30 Sep 2024
China's Purchasing Managers' Index (PMI) for the manufacturing industry recovered slightly in September to reach 49.8, up 0.7 point on month after consecutive declines over the prior two months, according to the latest release by the National Bureau of Statistics (NBS) on Monday morning.
The composite PMI output index reached 50.4 in September, up 0.3 point on month, signaling a partial recovery in China's economic activity, explained by Zhao Qinghe, senior statistician at the NBS.
For September, high-tech manufacturing and equipment manufacturing industries continued to perform well, with the PMIs rising by 1.3 points and 0.8 point respectively on month to 53 and 52.
However, the PMI for high energy-consuming industries remained low this month, despite a modest 0.2-point increase to 46.6.
The sub-index for production returned to the expansion zone to sit at 51.2 in September, up 1.4 points from August, indicating a rebound in manufacturing activity. In parallel, the sub-index for new orders increased by 1 point on month to 49.9.
The indices of production and new orders in sectors such as pharmaceuticals, automobiles, electromechanical equipment, computer communication and electronic equipment were in the expansion range, while those of oil, coal and ferrous metal smelting and processing industries have remained below the threshold of 50 for the second consecutive month.
The raw materials procurement pricing index rose by 1.9 points on month to 45.1 but remained low due to weak demand and price fluctuations in certain commodities.
By scale of enterprises, the PMI for large-sized firms edged up 0.2 point to 50.6 this month, and PMIs for medium- and small-sized firms rose by 0.5 point and 2.1 points, reaching 49.2 and 48.5 respectively.
China's non-manufacturing PMI reached 50 in September, down by 0.3 point from the prior month. The sub-index for business activities in the construction sector registered 50.7, up 0.1 point on month, the NBS statistics showed.
Source:Mysteel Global
