China’s manufacturing industry was contracted in September for sixth consecutive month, although it did it at the most moderate rhythm precisely in half a year, according to official data, while an alternative indicator points to an outstanding rebound.
The Purchasing Managing Index (PMI, Reference Indicator of the Sector) published today by the National Statistics Office (ONE) of the Asian country marks 49.8 points For September reading, which is a rebound of 0.4 units against the brand of the previous month.
For its part, the consulting firm Ratingdog placed its manufacturing PMI in 51.2 points for September compared to 50.5 of the previous month. This indicator, compiled by the debt qualifier S&P -and previously published by the private digital newspaper Caixin-, is taken as a reference by many international investors.
Generally, this alternative indicator is published a day after the One, but this time Ratingdog did it the same day because tomorrow is the holiday for Chinese National Day and, after that, the so -called ‘Golden Week’ begins, one of the main holiday periods of the year in the country.
Analysts expected the official manufacturing PMI to be at about 49.7 integers in September, and that the alternative marked about 50.3.
In these indicators, a figure above the threshold of the 50 points, is a growth of the activity in the sector compared to the previous month, while one below represents a contraction.
Disparate result
Of the five subscripts that make up the WAF manufacturing PMI, the production and delivery deadlines were the only ones that were above the aforementioned brand, while those of new orders -clave to measure demand-, inventories of raw materials and employment remained in the contraction zone.
In the case of RatingDog, the founder of that firm, Yao Yu, spoke of a “sustained improvement” in manufacturing conditions in September, also highlighting that export orders grew again for the first time since March, ending several months of falls due to the impact of the tariff war with the US.
On the other hand, the non -manufacturing PMI of the ONE registered its worst brand since November last year by stopping the 50.3 points to 50, avoiding the minimum that would have been its first fall to the contraction zone since the late 2022, in the last months of the national policy of ‘zero covid’.
The construction sector rebounded slightly although within the negative area, from 49.1 to 49.3 points, while the service marked the opposite trend: still in the expansion area but stopping from 50.5 to 50.1 integers.
On the other hand, the compound PMI, with which the one combines the evolution of manufacturing and non -manufacturing industries, accelerated 0.1 points up to 50.6 in September.
Rather also disseminated his PMI of the services sector, which stopped the 53 integers to 52.9, while the compound undertook the opposite path, from 51.9 to 52.5. EFE
