Caixin/Markit releases China manufacturing PMI for October 2020

Workers work at a vehicle chair manufacture factory in Lintong District of Xi’an, northwest China’s Shaanxi Province.Liu Xiao | Xinhua | Getty ImagesChina’s factory activity expanded for the sixth straight month in October, a private survey showed on Monday.The Caixin/Markit Purchasing Managers’ Index for Chinese manufacturing came in at 53.6 for October, better than the 53.0 forecast by analysts in a Reuters poll.PMI readings above 50 indicate expansion, while those below that signal contraction. PMI readings are sequential and indicate month-on-month expansion or contraction.China’s vast manufacturing industry has been recovering as the country’s coronavirus outbreak appears largely under control.Over the weekend, China said its official manufacturing PMI for October was 51.4 — the eighth consecutive month of expansion. Analysts polled by Reuters had expected a 51.3 reading.The official PMI survey typically polls a large proportion of big businesses and state-owned companies. In comparison, the private Caixin/Markit survey features a bigger mix of small- and medium-sized firms.This is breaking news. Please check back for updates.

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