China’s factory activity in shock slowdown as energy crisis hits home
Output, orders and employment all fell in September, according to official data, as Beijing turns to Russia to ease its electricity shortages
It’s not official data.
Analysts had expected the manufacturing purchasing manager’s index (PMI) to remain steady at 50.1 in September, but the official result showed the index at 49.6. The 50-point mark separates growth from contraction.
It’s a private sector survey which is used as a proxy for a measure of economic activity. It’s a pretty good proxy, although no one sensible would worry too much about a 0.5 move in it – it’s not all that, that, accurate. But it is private sector information, not official.