- Manufacturing sector activity saw its sharpest decline since July 2023.
- Manufacturers reported a renewed fall in new orders, which fell at the fastest pace since September 2022.
- New export orders also declined.
- Falling orders led to the first fall in the volume of unfinished work since February 2024.
- Manufacturers reduced headcounts amid cost concerns and the current pullback in demand.
- Input prices declined alongside falling orders, with firms also reducing factory gate prices amidst an increasingly competitive environment.
- Confidence across manufacturing firms fell to the second lowest level since records began in April 2012.
Key Takeaways from the September Survey
The unexpected contraction across China’s manufacturing sector emphasized the need for government stimulus and central bank policy measures to bolster the economy.
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