By South China Morning Post | Created at 2024-09-30 16:03:23 | Updated at 2024-09-30 19:30:36
3 hours ago
1. Manufacturing hits 5-month high, but activity remains subdued
China’s official manufacturing purchasing managers’ index (PMI) – a survey of sentiment among factory owners – rose to a five-month high of 49.8 in September, compared with August’s reading of 49.1.
It exceeded the expected reading of 49.5 predicted by economists polled by Bloomberg but remained in contractionary territory for the fifth consecutive month, “signalling still-subdued factory activity”, according to analysts.
A reading above 50 typically indicates an expansion of economic activity, whereas a reading below implies a contraction.
“The upside surprise was largely due to incomplete seasonal adjustments, as September is usually a month of more robust manufacturing activity, rather than a real improvement in the economy,” said analysts at Japanese investment bank Nomura.
