China manufacturing sector expands most since 2011

RTTNews reports that survey results from IHS Markit showed that China's manufacturing sector expanded at the strongest pace since January 2011 on robust output and new work.

The Caixin manufacturing PMI rose to 53.6 in October, the highest reading since January 2011, from 53.0 in September. A score above 50 indicates expansion in the sector.

The official survey, released over the weekend showed that the manufacturing PMI fell marginally to 51.4 from 51.5 in September. At the same time, the non-manufacturing PMI climbed to 56.2 from 55.9 a month ago.

New orders expanded at the strongest pace since November 2010. However, growth in new export sales softened notably amid a resurgence of the coronavirus disease 2019 virus across a number of export markets.

The substantial increase in overall workloads led manufacturers to ramp up their output again in October, with the rate of growth among the sharpest seen over the past decade.

Companies maintained a cautious approach to staff numbers in October amid reports of efforts to contain costs. As a result, firms raised their staffing levels only slightly.

Reflective of the strong improvement in overall market conditions, business confidence regarding the 12-month outlook for output improved to its highest since August 2014.