BUSINESS China's manufacturing PMI edges down in November

BUSINESS

China's manufacturing PMI edges down in November

Xinhua

10:45, November 30, 2018

BEIJING, Nov. 30 (Xinhua) -- The purchasing managers' index (PMI) for China's manufacturing sector came in at 50 this month, down from 50.2 in October, the National Bureau of Statistics (NBS) said Friday.

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Photos: VCG

A reading above 50 indicates expansion, a reading below reflects contraction, and a reading at 50 indicates no expansion or contraction in manufacturing activity on a monthly basis.

"The growth of the manufacturing sector slowed down, but its industrial structure continued to improve," said NBS senior statistician Zhao Qinghe.

The sub-index for production edged down from 52 in October to 51.9 in November, while the sub-index for new orders dipped from 50.8 to 50.4 during the same period.

Zhao said the sector's industrial transformation and upgrade continued, with consumption playing a fundamental role in boosting the Chinese economy.

PMI for sectors of equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing stood at 50.5, 51.7 and 51.6 in November, respectively, higher than those a month earlier, according to the NBS.

Friday's data also showed that China's non-manufacturing sector remained steady in November, with the PMI for the sector standing at 53.4, down from 53.9 in October.

The service sector, which accounts for more than half of the country's GDP, maintained stable growth, with the sub-index measuring business activity in the industry coming in at 52.4 in November, higher than 52.1 last month.

Thanks to the sales promotion during the Singles' Day online shopping festival, rapid expansion was seen in sectors including postal service, Internet software and telecommunications, where the readings were all above 56, the NBS said.

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Photo: Xinhua

Meanwhile, China's non-manufacturing sector held steady in November, official data showed.

The purchasing managers' index for the sector came in at 53.4 in November, down from 53.9 in October, the NBSsaid.

A reading above 50 indicates expansion, while a reading below reflects contraction.

"Data showed that the non-manufacturing sector maintained its growth though at a slower pace," said the NBS in a statement.

The service sector grew faster in November, with its sub-index for business activities edging up 0.3 points to 52.4.

The sub-index for new orders was 50.1, unchanged from the previous month and slightly above the threshold, while that for sales prices edged down 1.8 points to 49.4.

The sub-index for new orders in the construction sector rose 0.3 points to 56.5, while that for sales prices in the sector dropped 1.2 points to 52.8, according to the NBS.

Moreover, the sub-index for business activities expectation rose 0.3 points to 60.9 and remained at a high level of the range, showing that non-manufacturing enterprises were optimistic about future market development. 

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