China’s manufacturing sector expanded steadily in October. But the stringent production curbs imposed by the government to reduce pollution and relatively low inventory levels have added to cost pressures on companies in midstream and downstream industries, which could have a negative impact on production in the coming months.
China's Manufacturing PMI unchanged in October
The Caixin China General Manufacturing PMI was 51.0 in October, unchanged from September and remaining in expansionary territory. The sub-index for output fell for the third straight month in October and was weaker than the average seen over the first 10 months of the year, even though growth in new orders picked up. The sub-indices for input costs and output prices both moderated from the previous month but remained at rather high levels. Stocks of finished goods and stocks of purchases lingered in contraction territory, although their paces of decline eased moderately from September.
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