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China's manufacturing activity saw an increase in October, official data showed Thursday.
The purchasing managers' index (PMI) rose to 50.2 percent in October from 49.8 percent in September, just above the 50-percent figure that demarcates expansion from contraction, according to data released by the China Federation of Logistics and Purchasing (CFLP).
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Swinging above the boom-bust line, the October index indicated that the economy's downward movement may be reversing, according to experts.
“The regain shows the economy is improving, and I believe there will be a modest rise in the fourth quarter,” said Cai Jin, CFLP vice chairman.
Readings for sub-indices have also indicated expansion. The sub-index for new orders climbed 0.6 percentage points from September to 50.4 percent last month. The output sub-index for October stood at 52.1 percent, up 0.8 percentage points from the previous month.
The sub-index for new export orders rose 0.5 percentage points from September to 49.3 percent, while the import sub-index climbed 0.7 percentage points to 48.4 percent.
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“Improvements in the overall factory activity and some PMI sub-indices means companies have generally finished destocking, which will lay a good foundation for fourth-quarter growth,” said Zhang Liqun, an analyst with the Development Research Center of the State Council, a government think tank.
The PMI rebounded to 49.8 percent in September, ending four straight months of decline. The index fell below the boom-bust line in August for the first time since November 2011.
Also on Thursday, the final reading of a privately-compiled survey by HSBC was released. It put the October PMI for Chinese manufacturers at an eight-month-high of 49.5 percent, up from 47.9 percent in September.
via Xinhua
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.