Guangzhou (JLC), December 2, 2024 – China's manufacturing purchasing managers' index (PMI) continued to improve in November, signaling that the factory activity expanded for a second consecutive month, data from the National Bureau of Statistics (NBS) showed.
The manufacturing PMI came in at 50.3% in November, up from 50.1% in October, the NBS data showed.
The uptick came as a series of stimulus measures continued to take effect, said Zhao Qinghe, a senior statistician at the NBS.
A breakdown of November’s manufacturing PMI showed that the sub-index for production stood at 52.4%, a month-on-month gain of 0.4 percentage points, signaling that the production activity expanded at a faster pace.
The sub-index for new orders rose to 50.8%, indicating that the market demand improved, the NBS data showed.
Meanwhile, the sub-index for raw material inventories came in at 48.2%, unchanged from the previous month. The sub-index for employment dropped 0.2 percentage points to 48.2% in November, while the sub-index for distributor delivery time was up 0.6 percentage points month on month to 50.2%.
Non-manufacturing index up
China’s non-manufacturing commercial index, which includes sub-indexes for activity in the service and construction sectors, came in at 50.0% in November, down from 50.2% in October, the NBS data indicated.
The commercial activity index for construction stood at 49.7%, down 0.7 percentage points month on month.
The decline in construction activity was largely due to seasonal factors including falling temperatures, Zhao Qinghe said.
The commercial activity index for services came in at 50.1%, flat from the previous month, the NBS data showed.
The commercial activity indexes for broadcasting and television, satellite transmission services, software and IT, monetary and financial services, capital market services, and insurance were above 55% in November, suggesting high prosperity for these sectors.
