China’s NBS PMI Manufacturing rose slightly to 51.5 in September, up from 51.0, above expectation of 51.2. NBS PMI Non-Manufacturing rose to 55.9, up from 55.2, above expectation of 54.6. “Although overall manufacturing demand has improved, the industry has recovered unevenly,” said Zhao Qinghe, an NBS official. “In addition, the global epidemic has not yet been fully and effectively controlled, and there are still uncertain factors in China’s imports and exports.”
Caixin PMI Manufacturing dropped slightly by -0.1 pts to 53.0, missed expectation of 53.1. Output growth eases but remains marked. There is sharper increase in total new work as export sales rebound. Staffing levels stabilize, ending at eight-month period decline.
Wang Zhe, Senior Economist at Caixin Insight Group said: “The sharp rise in overseas demand has complemented the domestic market… The strength of the manufacturing sector will take some of the pressure off policymakers going forward. However, the job market remains worrisome, as the improvement in employment relies on a longer-term economic recovery and a more stable external environment.”
