China's official October manufacturing PMI fell to 49.3, below a 50.0 forecast; non-manufacturing and composite gauges were both 49.7.
The NBS Service Industry Survey Center and the China Federation of Logistics and Purchasing said on 31 October that the official manufacturing PMI fell 0.8 points to 49.3 in October. The output sub-index fell 1.9 points to 49.8 and new orders fell 1.1 points to 49.4; large firms stood at 50.2, while medium and small firms were at 48.4 and 47.5. The input-price and output-price indices fell 4.0 and 2.3 points to 56.8 and 51.7. High-tech and equipment manufacturing PMIs were 51.3 and 50.6; consumer goods and energy-intensive industries were 48.8 and 47.3. The non-manufacturing business activity index fell 0.5 points to 49.7, with construction at 48.0 and services at 50.0, and the composite output index fell 1.0 point to 49.7. NBS chief statistician Huo Lihui attributed the manufacturing decline to demand brought forward before the National Day holiday and a complex international environment, and the services dip mainly to a sharp fall in financial-sector activity. Reuters said factory activity contracted at its fastest pace in three months, missing the 50.0 forecast in its poll, as soft demand including for exports weighed on manufacturers.
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