China’s composite purchasing managers index (PMI) rose from 47.2 in August to 51.4 in September, according to a survey released this Friday (8) by IHS Markit in partnership with Caixin Media. Numbers above 50 indicate expansion of activity. In August, the index had pointed to contraction for the first time in 16 months.
The services PMI, released in the same survey, rose from 46.7 in August to 53.4 in September, also signaling a recovery in activity after a month of retraction.
According to IHS and Caixin, the performance of the composite index was driven by the service sector, which saw a solid increase in sales, while industries had only a marginal increase in orders. On the other hand, price data showed strong readjustments for both producers and consumers.
“Overall, given that the impact of the pandemic was less severe in September than the month before, services quickly recovered. In contrast, the recovery in the manufacturing sector was limited, showing that the economy still faced downward pressure,” commented Wang Zhe, senior economist at Caixin Insight Group.
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