China's October manufacturing PMI falls to 49.3, back into contraction

China · Finance · Nov. 1, 2026 · China's official manufacturing purchasing managers' index (PMI) fell to 49.3 in October from 50.1 in September, according to data released by the National Bureau of Statistics on Saturday. The reading came in below the 50.0 expected in a Reuters poll; a reading below 50 signals contraction, and the report described October as the third downturn in four months.

Muted domestic demand and emerging export fragility

Muted domestic appetite for products and emerging export fragility were cited as causes. Overseas shipments were strong for most of the year, the report said, but may not have enough force to offset consumer spending that has stayed stagnant for a long time. After the figures appeared, economists pressed the government to intensify growth support; the report also noted that the first month of a quarter is typically the weakest.

Reported figures only, no forecast

This article reports only the published October PMI figure and its stated context, and makes no forecast about manufacturing activity or market direction. China's official manufacturing PMI is published monthly, and the October figure is the first monthly reading of the fourth quarter of 2026.