China's October Manufacturing PMI at 49.2... Below Forecast
[Asia Economy Beijing=Special Correspondent Kim Hyunjung] China's official manufacturing Purchasing Managers' Index (PMI) for October was recorded at 49.2, according to the National Bureau of Statistics of China on the 31st.
China's official manufacturing PMI rebounded from 49.4 in August to 50.1 in September, but fell below the baseline again in October, missing the forecast of 50.0.
The manufacturing PMI, based on surveys of business officials, is an indicator showing economic trends; a reading above 50 indicates expansion, while below 50 indicates contraction. After the Wuhan outbreak in April, it dropped to a two-year low of 47.4.
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The official non-manufacturing PMI, which measures business sentiment in the service and construction sectors, also declined from 50.6 in September to 48.7 in October. The official composite PMI, which includes both manufacturing and services, adjusted from 50.9 in September to 49.0 in October.
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