China factory activity expansion slows in latest private PMI reading
China's manufacturing sector continues to expand in the latest private survey, although the pace of growth slows for the first time since July. The index remains above the 50-point threshold that separates expansion from contraction, suggesting export-focused manufacturers are still showing resilience.
Highlights
- RatingDog's China manufacturing PMI slipped to 52 in October from 52.1 in September, matching Bloomberg's median economist forecast.
- October's reading marks the first slowdown in the rate of expansion since July but still signals continuing factory growth.
- A PMI of 52 reinforces resilience among China's export-focused manufacturers despite moderating growth in the industrial sector.
Private PMI data points to slower momentum
As reported by Bloomberg, citing RatingDog, its China manufacturing purchasing managers index slips to 52 in October from 52.1 in September, according to a statement released on Monday. The reading matches the median forecast of economists surveyed by Bloomberg.The latest result indicates that factory activity is still growing, but at a slightly weaker pace than in the previous month. It is also the first slowdown in the rate of expansion since July.
What the reading means for China's manufacturers
A figure above 50 signals expansion in manufacturing activity, while a reading below that level indicates contraction. With the index holding at 52, the survey adds to evidence that China's export-oriented firms remain resilient despite the moderation in growth.The data point offers a fresh indication of operating conditions in the industrial sector and suggests manufacturers are maintaining momentum even as the pace of improvement cools.
In our earlier article, we covered expectations for a modest pickup in China’s third-quarter GDP growth, supported by late-September policy measures such as targeted rate cuts, mortgage subsidies, and additional government debt quotas. We noted that export strength and solid factory output were helping offset weak domestic demand, private investment softness, and ongoing property-sector stress—keeping overall growth near the lower end of Beijing’s annual target range.
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