China on Wednesday announced that manufacturing activity expanded in the month of September as the world’s second largest economy continued to show signs of recovery from the coronavirus pandemic.
The official manufacturing Purchasing Manager’s Index (PMI) for the month of September came in at 51.5 as compared to 51.0 in August, according to the National Bureau of Statistics.
Analysts polled by Reuters had expected the official manufacturing PMI to come in at 51.2 in September.
PMI readings above 50 indicate expansion, while those below that signal contraction. PMI readings are sequential and indicate on-month expansion or contraction.
Official services PMI came in at 55.9 for the month of September as compared to 55.2 for August.
China’s manufacturing sector was hit earlier this year as factories shut due to large-scale lockdowns to contain the coronavirus pandemic.