Operating conditions in the Chinese manufacturing sector deteriorated at a series record pace in October, results of a survey conducted by the Markit Economics showed Monday.
The headline CLSA Purchasing Managers' Index, or PMI, dropped to 45.2 in October from 47.7 in September. October's survey data indicated that operating conditions within the Chinese manufacturing sector deteriorated for a third consecutive month.
The survey found Chinese manufacturing output fell mainly due to declining new order volumes and stagnant market conditions. Further, the survey revealed the level of incoming new orders fell at the steepest rate in the series history in October. Staffing levels also fell at a series record pace.
However, average input costs recorded a sharp fall in October after peaking to a survey record level in July. Moreover, average prices charged by Chinese manufacturers fell for a second successive month in October and at the sharpest rate in the survey history.
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