S&P Global: China’s manufacturing sector expands in Nov. ’24

China’s manufacturing sector experienced a notable uptick in November 2024, with the Caixin/S&P Global Manufacturing PMI rising to 51.5. This marks the second consecutive month of expansion and the fastest pace of growth since June.

The latest manufacturing sector conditions saw a significant increase in new business inflows. Chinese manufacturers experienced rapid growth in incoming new orders, the fastest in three-and-a-half years.

The rise in export orders also contributed to the overall increase in new orders. Panellists attributed this growth to improved demand, new product launches, and stockpiling after the US election.

Employment levels continued to decline in November, although the rate of job shedding eased compared to the previous month. This was attributed to factors such as cost pressures and cautious hiring practices.

Attribution: S&P Global report

Subediting: M. S. Salama