China's manufacturing sector accelerated in November, driven by strong export orders and increased business confidence.
The Caixin China General Manufacturing PMI rose to 51.5 in November 2024, up from 50.3 in October and exceeding market expectations of 50.5. This marks the second straight month of growth and the fastest expansion in factory activity since June. The reason behind this increase was the strongest growth in foreign orders since February 2023 and a rebound in exports.
Output growth reached its highest level in five months while purchasing levels and stocks of materials increased as companies built safety inventories. However, employment declined for the third consecutive month, albeit at a modest pace. Backlogs of work rose for the second month in a row. Delivery times stabilized after being extended for five months.
In terms of pricing, input costs rose at the fastest rate in five months due to higher raw material prices, while selling prices posted their largest increase since October 2023. Business confidence climbed to an eight-month high, supported by expectations of improved economic conditions and favorable government policies.
Source: SP Global
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