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Financial News: China Manufacturing Sector Expands Most Since Early 2018

China Manufacturing Sector Expands Most Since Early 2018

09/30/2019 - 01:59:00 (RTTNews)

(RTTNews) - China's manufacturing sector expanded at the fastest pace since early 2018 in September despite ongoing trade disputes with the United States, survey data from IHS Markit showed on Monday.

The Caixin factory Purchasing Managers' Index rose to 51.4 in September from 50.4 in August. Any score above 50 indicates expansion in the sector. This was the highest score since February 2018.

The official data from the National Bureau of Statistics revealed that the factory sector continued to contract in September. However, the manufacturing PMI climbed to 49.8 from 49.5 a month ago.

New orders increased at the fastest rate since March 2018, while new export orders decreased slightly in September, IHS Markit reported. Companies said that the ongoing China-US trade dispute had continued to dampen foreign sales.

Employment level remained unchanged for the second month in September. Outstanding business increased amid stagnant payrolls and rise in orders.

Higher volumes of total new work led firms to expand production again in September. The rate of growth was the fastest seen since August 2018.

Input buying rose for the third month in a row and stocks of purchased items expanded slightly.

Input costs increased at the end of the third quarter and the output cost remained broadly unchanged compared to the previous month.

Nonetheless, goods producers continued to express a relatively subdued level of confidence towards future output, as worries persisted over the outcome of the ongoing China-US trade negotiations.

"Growth in manufacturing demand was mainly driven by the domestic market as China-U.S. trade conflicts still restrained overseas demand," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said.

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