China PMI returns below 50 as manufacturing and services slow in October
China's official manufacturing PMI fell to 49.3 in October and non-manufacturing activity to 49.7, putting the composite index below the expansion threshold.
China's National Bureau of Statistics reported an October manufacturing PMI of 49.3, down 0.8 points from September. The non-manufacturing business activity index fell 0.5 points to 49.7, taking the composite PMI output index down 1.0 point to 49.7.
Demand and employment signals
Within manufacturing, the production index fell 1.9 points to 49.8 and new orders fell 1.1 points to 49.4. Small and medium-sized manufacturers remained below 50, at 47.5 and 48.4 respectively, while large enterprises were at 50.2. The manufacturing employment index was 48.4, unchanged from September.
In non-manufacturing, new orders dropped 2.1 points to 44.4. Construction activity fell to 48.0, while services were at 50.0. The business activity expectations index remained above 50 at 54.7, although it fell 0.8 points from September.
Manufacturing PMI
49.3
↓ -0.8 points m/m October 2026
Non-manufacturing index
49.7
↓ -0.5 points m/m October 2026
Composite PMI output
49.7
↓ -1.0 point m/m October 2026
New manufacturing orders
49.4
↓ -1.1 points m/m October 2026
Sources
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