China’s services PMI increases to the highest level in 2020

China’s Manufacturing Purchasing Managers’ Index (PMI), published by the National Bureau of Statistics, stood at 51.4 in October, experiencing a slight drop of 0.1 pp compared to September’s figure, staying above the 50 threshold. The sub-index for employment, however, was still below the 50-points mark, signalling continued pressure on the labour market.

China’s non-manufacturing PMI came in at 56.2 in October, up from 55.9 in September, the highest figure in 2020. The services sector’s recovery is speeding up, with the sub-index for business activity expanding by 0.3 points in October compared to September.

Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q4 2020 report.