China’s Three Main PMIs Stay in Positive Territory(Yicai Global) Sept. 30 -- China's three main purchasing managers' indexes were all in expansion territory this month, showing signs of an overall economic recovery.
The manufacturing PMI was 50.1, up 0.7 percentage point from August, according to data released today by the National Bureau of Statistics. The business activity index for the non-manufacturing sector fell 2 points to 50.6, and the comprehensive PMI output index was 50.9 percent, down 0.8 point. A reading above 50 indicates expansion.
With a package of measures to steady the economy taking effect and the receding effects of high temperatures, electricity supplies have been ensured and manufacturing has accelerated, returning the manufacturing PMI to positive ground, said senior NBS statistician Zhao Qinghe.
The expansion of the non-manufacturing industry slowed, Zhao noted. Affected by Covid-19 outbreaks and other factors, including a lower business activity index for the life-support service sector, the business activity index for the service sector sank 3 points to 48.9 percent from August.
The weak business activity index for the contact service and labor-intensive service sectors is the main factor for the decline of the service business activity, such as retail, air transportation, accommodation, catering, and residential services, declined to below 45 percent.
The business activity index for the construction industry soared 3.7 points to 60.2 from the previous month. The business activity index for the civil engineering and construction industry was 61, the highest in the past four months, amid recent policies and measures to promote infrastructure projects.
Though the comprehensive PMI was down on August, it remains above the 50, indicating that overall production and business activity continue to expand. The manufacturing production index, which, together with the non-manufacturing business activity index, constitutes the comprehensive PMI index, stood at 51.5.
Editor: Futura Costaglione
