China Manufacturing, Non-Manufacturing PMIs Contract

The transcript discusses the impact of COVID outbreaks on non-manufacturing PMI, highlighting the sensitivity of service PMI to such disruptions. It explores potential policy offsets, such as construction spending, and the role of infrastructure and manufacturing investments. The discussion also covers sub gauges within PMI data, focusing on domestic versus external demand, employment, and inflation. Finally, it forecasts October activity, suggesting a potential softening compared to September due to a lower manufacturing PMI.

What factors contributed to the weaker non-manufacturing PMI in October?

How do COVID outbreaks affect the service PMI according to the text?

What are the bright spots of the economy mentioned in the text?

What indicators should policymakers watch according to the discussion?

What does the manufacturing PMI of 49.2 suggest about October's industrial activity?