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PMI Monthly (October 2017)

PMI drops to 51.6 in October

Output, New Orders, New Export Orders, Purchases of Inputs, Imports, Expanding.

Stocks of Finished Goods, Stocks of Major Inputs,Backlogs of Orders, Contracting.

Input Prices, Ex-factory Prices, RisingSuppliers’ Delivery, Slower.

Business Expectations, Optimistic.

China’s manufacturing PMI dropped from its recent peak of 52.4 in September to 51.6 in October, indicating growth moderation of the manufacturing sector in China.

11 of the 13 sub-indices were lower than their respective levels in the previous month, while the stocks of finished goods index was higher than its respective level in the previous month. The output index fell by 1.3 pts in October, showing a deceleration in output growth. In addition, the new orders index dropped by 1.9 pts, while the new export orders index went down by 1.2 pts in October, indicating that the growth rates for both domestic and export orders have moderated. 1 Also noteworthy is that the input prices and the ex-factory prices indices plunged by 5.0 pts and 4.5 pts respectively in October, showing that both the prices of production inputs and the ex-factory prices of finished products have risen at a slower pace recently.

By size of enterprises, the PMI of ‘large enterprises’ came in at 53.1 in October, down from 53.8 in September. The PMI of ‘medium enterprises’ fell to 49.8 in October from 51.1 in September, while the PMI of ‘small enterprises’ dropped to 49.0 in October from 49.4 in September.

The output index was 53.4 in October, down from 54.7 in September. The output index of ‘large enterprises’ went down to 55.9 in October from 56.6 in September; the output index of ‘medium enterprises’ was 51.0 in October, down from 53.6 in September; the output index of ‘small enterprises’ fell markedly to 48.2 in October from 53.6 in September.

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Content provided by Fung Business Intelligence
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