This is the private manufacturing PMI, a different survey than the official manufacturing PMI survey

For October, in at 51.2

  • expected 50.1, prior 50.1

Main points:

  • Output expanding at the quickest rate in over five-and-a-half years
  • Rebound in new order growth (the rate of growth quickening to a 27-month record)
  • Stronger demand appeared to be led by improved domestic orders
  • Level of new export sales fell slightly over the month
  • Companies cut their staff numbers at the slowest pace in 17 months
  • Backlogs of work continued to accumulate
  • Inflationary pressures picked up sharply in October, with input cost inflation accelerating to its fastest since September 2011 and output charges rising to the greatest extent since February 2011

Comments from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

  • The fastest growth seen in the sector in two years amid apparent signs of an improvement
  • The index readings for new orders and output for October were both much higher than in September, and those for input and output prices rose even more, indicating a return of inflationary pressure
  • The economy seems to be stabilizing for the moment, owing primarily to policies implemented to sustain growth
  • Supportive policies must be continued, or industrial output may be dragged down by a slowdown in investment

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Earlier, the official October PMIs:

  • China Manufacturing PMI: 51.2 (vs. 50.3 expected)
  • China Services PMI 54.0 (prior 53.7)