China's official manufacturing PMI for October is 49, previous value was 49.8.

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I. Operation of China’s Manufacturing Purchasing Managers Index (PMI)

In October, the Manufacturing PMI was 49.0%, down by 0.8 percentage points from the previous month, indicating that the manufacturing sector’s level of prosperity has declined.

By enterprise size, the PMIs for large, medium, and small enterprises were 49.9%, 48.7%, and 47.1%, down by 1.1, 0.1, and 1.1 percentage points respectively from the previous month, all below the threshold.

By classification, among the five sub-indices constituting the Manufacturing PMI, the Supplier Delivery Time Index was at the threshold, while the Production Index, New Orders Index, Raw Material Inventory Index, and Employment Index were all below the threshold.

The Production Index was 49.7%, down by 2.2 percentage points from last month, indicating a slowdown in manufacturing production.

The New Orders Index was 48.8%, down by 0.9 percentage points from last month, indicating that market demand for manufacturing has declined.

The Raw Material Inventory Index was 47.3%, down by 1.2 percentage points from last month, indicating that inventories of major raw materials in manufacturing continue to decrease.

The Employment Index was 48.3%, down by 0.2 percentage points from last month, indicating a slight decline in employment prosperity in manufacturing enterprises.

The Supplier Delivery Time Index was 50.0%, down by 0.8 percentage points from last month, at the threshold, indicating that delivery times for manufacturing raw material suppliers remained basically unchanged from the previous month.

Table 2 Other Related Indicators of China’s Manufacturing PMI (Seasonally Adjusted)

II. Operation of China’s Non-Manufacturing Purchasing Managers Index

In October, the Non-Manufacturing Business Activity Index was 50.1%, up by 0.1 percentage points from the previous month, rising into the expansion range.

By sector, the Business Activity Index for construction was 49.1%, down by 0.2 percentage points from last month; the Business Activity Index for services was 50.2%, up by 0.1 percentage points from last month. In the services sector, the Business Activity Indexes for railway transport, air transport, postal, accommodation, and culture, sports and entertainment were all at or above 60.0%, within a range of high prosperity; the Business Activity Indexes for insurance, real estate, and other sectors were below the threshold.

The New Orders Index was 46.0%, unchanged from last month and still below the threshold, indicating that non-manufacturing market demand remains weak. By sector, the New Orders Index for construction was 45.9%, up by 3.7 percentage points from last month; for services, it was 46.0%, down by 0.7 percentage points from last month.

The Input Price Index was 49.4%, up by 0.4 percentage points from last month, below the threshold, indicating that the overall level of input prices for non-manufacturing business operations fell at a slower rate. By sector, the Input Price Index for construction was 49.6%, up by 2.4 percentage points from last month; for services, it was 49.4%, up by 0.1 percentage points from last month.

The Sales Price Index was 47.8%, up by 0.5 percentage points from last month, still below the threshold, indicating that the overall selling price level in non-manufacturing is lower than last month. By sector, the Sales Price Index for construction was 48.4%, up by 0.3 percentage points from last month; for services, it was 47.7%, up by 0.5 percentage points from last month.

The Employment Index was 45.2%, up 0.2 percentage points from last month, indicating that employment prosperity in non-manufacturing enterprises has improved. By sector, the Employment Index for construction was 39.9%, up by 0.2 percentage points from last month; for services, it was 46.1%, up by 0.2 percentage points from last month.

The Business Activity Expectation Index was 56.1%, up by 0.4 percentage points from last month, indicating that most non-manufacturing enterprises are relatively optimistic about the market outlook. By sector, the Business Activity Expectation Index for construction was 56.0%, up by 3.6 percentage points from last month; for services, it was 56.1%, down by 0.2 percentage points from last month.

III. Operation of China’s Composite PMI Output Index

In October, the Composite PMI Output Index was 50.0%, down by 0.6 percentage points from last month, at the threshold, indicating that overall production and business activities of Chinese enterprises remained stable.

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