Factories in China received a significant increase in orders resulting in an upswing in manufacturing during a traditionally slower part of the year suggests China’s economy is still on the upswing. Growth as measured by the Purchasing Manager’s Index (PMI) climbed to 54.7 in the month from 53.8 in September.
“The fact that the PMI went up despite this seasonal bias suggests real activity growth was likely to have been exceedingly strong in October,” Goldman Sachs economists Yu Song and Helen Qiao said in a note to clients.
