Private survey PMIs

Commenting on the data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

  • "The Caixin China General Services Business Activity Index rose 0.6 points from the previous month to 51.2 in October.
  • The sub-index of new business declined for the second month in a row, while the sub-indices of input prices and prices charged continued to go up.
  • The Caixin China Composite Output Index, mainly dragged down by slower growth in output in the manufacturing sector, fell 0.4 points from September to 51.0 in October, the lowest level since June 2016.
  • The Caixin PMIs for October showed that the economy had a relatively weak start to the fourth quarter. However, monetary policy is unlikely to be loosened unless major downside risks emerge."

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October PMIs from earlier in the week:

  • China October official manufacturing PMI: 51.6 (expected 52.0)
  • China October official non-manufacturing PMI: 54.3 (prior 55.4)
  • More on the China PMI misses earlier
  • China October official non-manufacturing PMI: 54.3 (prior 55.4)