China's September Manufacturing PMI Reaches 50.1, Topping the Key Threshold for the First Time in Three Months
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China's National Bureau of Statistics announced on the 30th that the September manufacturing purchasing managers' index came in at 50.1, up 0.3 points from the previous month and rising above the 50 mark that separates expansion from contraction for the first time in three months. Ahead of the National Day holiday, production was brought forward, while order growth was sluggish and domestic demand remained lacking in strength. Among the main indices, production rose to 51.7, improving 1.3 points from the previous month and lifting the overall reading. High-tech and pharmaceutical sectors performed well. Meanwhile, new orders, which indicate the strength of demand, fell 0.1 point to 50.5, and new export orders, which reflect the momentum of external demand, stayed right at the 50 threshold, pointing to weakness in the demand recovery.