01 November 2013 03:36 [Source: ICIS news]
SINGAPORE (ICIS)--China’s purchasing managers’ index (PMI) increased to 51.4 in October, up from 51.1 in September, thanks to the rising production and purchasing volumes, official data showed on Friday.
A PMI reading above 50 indicates expansion, while a reading below 50 denotes contraction in manufacturing activities.
The production sub-index for October rose to 54.4 from 52.9 in September, and purchasing volumes increased to 52.7 in October from 52.5 in September, according to data from the China Federation of Logistics & Purchasing (CFLP).
The data indicate stable growth in the Chinese economy, CFLP analyst Zhang Liqun said, but added that there remains a degree of cautiousness among manufacturing firms.
New orders index edged down by 0.3 points to 52.5 in October, with the new export orders index down 0.3 from the previous month at 50.4, and the import index 0.4 lower at 50.0.
China’s October PMI is based on a survey of 3,000 manufacturers in the country.
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