The October reading climbed to 49.5 from 47.9 in September.
This final number was notably stronge than the HSBC China Flash (or preliminary) number, which came in at 49.1 last week.
Here are the key points from Markit:
- Modest fall in output signalled
- New orders rise for the first time in a year
- Input costs and output charges increase
From HSBC economist Hongbin Qu:
“October’s final PMI rose to an eight-month high, implying that China’s industrial activity continues to bottom out following a modest pickup last month. This is mainly driven by the increase of new orders, thanks to the filtering-through of the earlier easing measures, while exports outlook remains challenging. We expect a continuation of policy easing to further boost domestic demand and counterbalance the external weakness, leading to a gradual growth recovery in the coming quarters.”
Earlier today, we learned that the official PMI climbed to 50.2 from 49.8 a month ago.
China is the world's second largest economy. Almost every other economy looks to it as a source of growth.
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