China factory activity slumps - PMI suveys

30th Sep 2024 07:57

(Sharecast News) - Manufacturing activity in China was still in the doldrums in September as demand for new orders fell, according to official and private surveys published on Monday.

The National Bureau of Statistics (NBS) purchasing managers' index (PMI) edged up to 49.8 in September from 49.1 the previous month, but still below the 50-mark which separates growth from contraction. Forecasts had been for a print of 49.5 in a Reuters poll.

However, in the private Caixin survey, which covers smaller enterprises, the manufacturing PMI slumped to 49.3 in September from 50.4 in August, worse than the 50.5 expected by analysts and the lowest since July 2023.

The NBS non-manufacturing PMI dropped to 50.0 in September versus August's 50.3 figure and estimates of 50.4.

In services, activity expansion slowed with the Caixin PMI falling to 50.3 in September from 51.6 in August, the lowest since September 2023.

Reporting by Frank Prenesti for Sharecast.com