China September RatingDog Manufacturing PMI 51.2, previous value 50.5

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China's September RatingDog Composite PMI is 52.5, previous value 51.9. China's September RatingDog Services PMI is 52.9, previous value 53.

The latest PMI® data shows an improvement in China’s manufacturing sector at the end of the third quarter. In September, an increase in new orders (including new export orders) drove output to accelerate. As a result, manufacturers steadily increased their purchasing volume, and inventories continued to rise. Meanwhile, capacity pressures continued to intensify and the rate of workforce contraction slowed; moreover, overall business confidence also improved.

In terms of prices, manufacturing cost pressures intensified in September, but facing fierce competition, manufacturers tended to lower sales prices themselves. As a comprehensive indicator that summarizes the running status of the manufacturing economy with a single value, the seasonally adjusted Purchasing Managers’ Index (PMI®) recorded 51.2 in September, surpassing August’s 50.5. The latest index value has been above the 50.0 threshold for two consecutive months, showing continued improvement in manufacturing conditions, and the rate of improvement is the highest (tied) since November 2024, equaling March's level.

The recent improvement in manufacturing conditions is mainly driven by the accelerated growth of new orders. Improvements in fundamental demand, promotional efforts by enterprises, and the launch of new products have together contributed to the recent increase in total new business, reaching the fastest growth rate since February. At the same time, new export orders also registered growth for the first time since March, though the growth rate was mild. The increase in new business boosted manufacturing output to record its fastest growth rate in three months.

With the growth of new orders and output, Chinese manufacturers consequently increased their purchasing activity in September at a considerable pace—the fastest since November last year; inventory of purchased goods also increased. Finished goods inventories also recorded growth due to increased production and efforts to rebuild inventories. 

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