Overview

• China’s official manufacturing PMI rose to 49.8 in September but stayed below 50 for a sixth straight month, marking the longest factory slump since 2019.
• The private RatingDog/S&P Global manufacturing PMI climbed to 51.2, the fastest expansion since March, driven by stronger new orders and firmer production.
• New export orders in the private survey increased for the first time since March, though manufacturers continued to cut jobs, with the pace of reductions easing.
• RatingDog’s services PMI edged down to 52.9 as companies reported the steepest employment drop in 17 months despite resilient domestic and overseas demand.
• Beijing maintained targeted support, including consumer loan subsidies and a 500 billion yuan policy-based funding push, while holding rates as U.S. trade uncertainty persists under a tariff truce extended to November.