China's manufacturing PMI holds at 52.0 in October: S&P Global
China's manufacturing sector expanded further in October, with the seasonally adjusted RatingDog China General Manufacturing Purchasing Managers' Index (PMI) at 52.0, almost unchanged from 52.1 in September and above the 50.0 no-change mark for an 11th straight month, according to RatingDog and S&P Global PMI.
The latest reading marked the longest period of improvement in manufacturing operating conditions since mid-2021. The survey data, collected from October 12 to 22, 2026, showed continued growth at the start of the fourth quarter, with new business from both domestic and overseas markets increasing and manufacturing output expanding at a faster pace.
Output growth was the strongest in six months and the fastest since April, supported by strong customer demand and improved capacity. Surveyed companies said new product launches, capacity improvements and business development measures helped lift demand, RatingDog said in a press release.
New orders increased for a 17th consecutive month, extending the expansion cycle to nearly a year and a half. The pace of new-order growth was broadly in line with September and remained strong. New export orders rose for a fourth month, with companies reporting higher new business from customers in Asia, Europe and Africa, although the rate of expansion slowed to a three-month low and was described as moderate. Growth in consumer goods and intermediate goods slowed, while investment goods accelerated, according to the survey.
Manufacturers raised employment in October in response to higher workloads, but the increase was only slight and did little to ease capacity pressures. Backlogs of work continued to build for a ninth month, with the pace of accumulation broadly stable.
Purchasing activity expanded strongly as companies responded to higher new orders and output. The rate of growth was faster than in September and the strongest since February. Higher input buying, alongside improved supply, lifted stocks of purchases for an 11th month, with the accumulation the strongest in five months.
Supplier delivery times shortened for the first time since February, although the improvement was only marginal. Respondents linked the shorter lead times to improved supplier efficiency and more assured availability of goods. The release said some companies drew on finished goods inventories to fulfil orders, while finished goods stocks overall were broadly stable; RatingDog founder Yao Yu described finished goods inventories as rising only slightly.
Price data showed average selling prices for manufactured products declined after rising in September. Companies said intense competition and slower input-cost inflation led them to cut prices to support sales. Average export charges fell for the first time in almost a year, while raw material purchase prices rose for a 16th month on higher prices for materials such as metals and fuel. The pace of input-price inflation slowed from September and was below the year-to-date average.
Business confidence remained positive at the start of the fourth quarter, but fell to a nine-month low. Some companies cited concerns over high input costs and intensifying competition.
Yao, founder, RatingDog, said, "Overall, manufacturing expansion remained solid at the start of the fourth quarter, with output growth accelerating and new order inflows staying strong, while selling prices were lowered again and confidence weakened. Cost pressures, price competition and weak confidence still warrant attention. The manufacturing PMI is expected to continue operating in expansion territory in the short term."
