CHINA'S OFFICIAL PMI BEATS EXPECTATIONS

China’s National Bureau of Statistics published the country’s official manufacturing PMI report a bit earlier than expected.

The headline number climbed to 51.4 in October from 51.1 in September. Economists were looking for a reading of 51.2.

Any reading above 50 signals growth.

The output sub-index was particularly strong, rising to 54.4 from 52.9.

It’s worth noting, however, that seven of the 12 sub-indexes actually contracted.

Here’s a breakdown of the September report.

Sept. 2013 Oct. 2013
PMI 51.1 51.4
Output 52.9 54.4
New Orders 52.8 52.5
New Export Orders 50.7 50.4
Backlogs of Work 46.2 45.5
Inventories of Finished Goods 47.4 45.6
Purchases Quantity 52.5 52.7
Imports 50.4 50.0
Input Prices 54.5 53.3
Inventories of Raw Materials 48.5 48.6
Employment 49.1 49.2
Supplier Delivery Times 50.8 50.8
Business Activity Expectation 58.4 57.5

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