China’s factory indicators diverged in October, with a private survey showing continued improvement and the official gauge slipping below 50, offering different readings of manufacturing conditions.
The RatingDog China General Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, registered 52.0 in October, down from 52.1 in September. Reuters reported the result and said it beat the 51.6 median forecast in its poll. S&P Global’s September release put the August reading at 51.5.
China’s National Bureau of Statistics (NBS) said its manufacturing PMI declined to 49.3% in October from 50.1% in September, a drop of 0.8 percentage point. A reading above 50 signals improvement from the month before, while a result below that mark signals deterioration.
The readings come from separate surveys with different respondent groups. S&P Global says the RatingDog panel covers about 650 manufacturers. The NBS survey spans 3,200 firms across 31 manufacturing industry categories, according to the bureau. The private measure therefore showed improvement among its respondents, while the official index pointed to worsening conditions in its own sample.
The NBS attributed part of October’s weakness to demand shifted ahead of the National Day holiday and unsettled international conditions. EconoTimes previously covered the official October manufacturing and non-manufacturing readings.
Within the RatingDog results, the new-orders measure edged down to 53.3 from 53.4, Reuters reported. The outlet said manufacturers increased output at a pace not seen for half a year, while export-order gains weakened to their lowest level in three months.
Reuters also reported that manufacturers’ selling prices turned lower after September’s increase, citing competition and easing input costs. Export prices recorded their first monthly decline since November 2025, the outlet said.
