Politics
Chinese factory activity increases for first time since April, official survey shows – NBC10 Philadelphia
- China's official purchasing managers' index for October stood at 50.1, in expansionary territory for the first time since April, according to National Bureau of Statistics data released Thursday.
- The data beat expectations of 49.9, according to a Reuters poll.
- The Bureau of Statistics PMI for non-manufacturing activity reached 50.2 in October. That was up from September's 50, but below August's 50.3.
BEIJING China's official purchasing managers' index for October stood at 50.1, in expansionary territory for the first time since April, according to Data from the National Bureau of Statistics released on Thursday.
The data beat expectations of 49.9, according to a Reuters poll. The September reading was 49.8. The last time the PMI index was above the 50-point line that determines the contraction in activity was in April, with a figure of 50.4.
“I expect economic dynamics to improve moderately in the fourth quarter as monetary and fiscal policies [loosen]” said Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, in a note.
The standing committee of the Chinese Parliament is due to meet next week and is widely expected to release details on fiscal stimulus after the end of the gathering on November 8.
The production subindex stood at 52 for October, while that of new orders was at 50. Raw material inventories reached 48.2, still in contraction territory, as did employment at 48. .4, which is slightly better than the previous month.
The Bureau of Statistics PMI for non-manufacturing activity reached 50.2 in October. That was up from September's 50, but below August's 50.3.
The employment share in the non-manufacturing PMI rose 1.1 percentage points to 45.8.
A survey released Wednesday by the U.S.-based China Beige Book of 1,436 Chinese companies between Oct. 18 and 25 found that manufacturing output improved from last year. New domestic and export orders also recovered, with export orders from the United States falling less sharply in October.
The Caixin China General Manufacturing PMI for October is scheduled to be released on Friday, while the Caixin China General Services PMI is scheduled for November 5.
China's economic growth has slowed, hampered by weak consumer demand and the housing crisis. Exports have been a rare bright spot.
Stocks have rebounded after a series of high-profile stimulus announcements in recent weeks, including a meeting led in late September by Chinese President Xi Jinping that called for strengthening support for fiscal and monetary policies.
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