In October 2019, China’s manufacturing purchasing Managers’ Index (PMI) was 49.3%, down 0.5 percentage points from the previous month. The non-manufacturing business activity index was 52.8%, down 0.9 percentage points from the previous month, indicating that the overall non-manufacturing industry maintained an expansion trend and the growth rate slowed down.

From the perspective of enterprise size, the PMI of large enterprises was 49.9%, down 0.9 percentage points from the previous month; The PMI for medium-sized enterprises was 49.0%, up 0.4 percentage points from the previous month. The small business PMI came in at 47.9 percent, down from 0.9 percentage points in the previous month.

From the perspective of sub-indexes, in the five sub-indexes that constitute the manufacturing PMI, the production index and supplier distribution time index are higher than the critical point, and the new order index, raw material inventory index and employment index are lower than the critical point.

The production index was 50.8%, down 1.5 percentage points from the previous month, still higher than the critical point, indicating that manufacturing production continued to expand, and the pace of expansion slowed down.

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The new orders index was 49.6%, down 0.9 percentage points from the previous month, falling below the critical point, indicating that the manufacturing market demand has fallen.

The raw material inventory index was 47.4%, slightly down 0.2 percentage points from the previous month, which is below the critical point, indicating that the inventory of major raw materials in the manufacturing industry is reduced.

The employment index was 47.3%, up 0.3 percentage points from the previous month, below the critical point, indicating that the decline in employment of manufacturing enterprises has narrowed.

The supplier delivery time index was 50.1%, although down 0.4 percentage points from the previous month, it was slightly higher than the critical point, indicating that the delivery time of manufacturing raw material suppliers was slightly faster than the previous month.