China’s Economic Rebound Picks Up Pace While U.S. Continues Decline Into Recession
Factory activity expanded strongly in September as the recovery in sector demand and production sped up. China’s Economic Rebound Picks Up Pace While U.S. Continues Decline Into Recession
China’s economy gathered more steam in September as a rebound in global demand and the government’s supportive measures bolstered factory activity and helped push sentiment in the service sector to its highest level in nearly seven years.
China’s official manufacturing purchasing managers index rose to 51.5 in September, according to data released by the National Bureau of Statistics on Wednesday, higher than both the 51.2 forecast by economists and August’s reading of 51.0.
A separate private gauge of manufacturing activity, the Caixin China manufacturing purchasing managers index, stood at a robust 53.0, roughly in line with the previous month’s level. Readings above 50 suggest an expansion in activity, with higher numbers pointing to a broader-based trend.
China’s service sector, a weak link in the economy for much of the summer due to lingering coronavirus concerns, also turned in a strong September. China’s official nonmanufacturing PMI, which includes both the service and construction sectors, jumped to 55.9 in September, its highest result since November 2013 and better than the previous month’s reading of 55.2.
The improvement in the service sector, which Goldman Sachs says accounts for about 80% of the weighting in the nonmanufacturing PMI, was boosted by a bounce back in the transportation, hotel and restaurant industries, as consumers appeared more willing to travel and spend, China’s statistics bureau said.
Officials on Wednesday expressed hope that an eight-day holiday, which begins Thursday, will further lift consumer spending nationwide, as localities launch promotion campaigns.
Lu Ting, chief China economist at Nomura, told clients in a note Wednesday that the holiday will “likely present good numbers for retail sales and tourism due both to a pent-up demand, government promotions, and restrictions on overseas travel.”
China’s retail sales, a major measurement of domestic consumption and the last holdout in negative territory among China’s major economic indicators for much of the year, finally returned to growth in August for the first time this year, logging a 0.5% increase from a year earlier. The consumer sentiment had been depressed by infection concerns and elevated jobless rates.
On the manufacturing side, both the official and private measures pointed to improving demand from overseas markets. The official export-order subindex climbed into expansionary territory for the first time this year, while the Caixin survey showed export orders hitting a three-year high.
“Improving external demand added fuels to China’s recovery which could not rely solely on domestic demand,” said Serena Zhou, an economist with Mizuho Securities.
China’s export machine has beaten economists’ gloomy expectations repeatedly this year. The country’s relatively quick resumption in factory activity in the spring made it possible to churn out medical equipment and work-from-home electronic goods as the rest of the world struggled with the pandemic.
While some economists expect demand for pandemic-related goods to wane in the coming months, Ms. Zhou said she believes the rebound in global demand will continue to buoy China’s exports.
On the labor front, both the official and Caixin PMI reports showed further gains in hiring in September.
Separately, Beijing’s measures to support small businesses and boost domestic consumption began to yield positive results in September, helping small-factory activity to climb back into expansionary territory for the first time this year. An official subindex of small-factory activity rose to 50.1 after Beijing ordered state banks to extend billions of dollars worth of cheap loans to the small companies that were hardest hit by the pandemic.
China’s Economic Rebound Picks,China’s Economic Rebound Picks,China’s Economic Rebound Picks,China’s Economic Rebound Picks,China’s Economic Rebound Picks,China’s Economic Rebound Picks,
Trump Used Facebook To Try And Convince 3.5 Million Black Americans Not To Vote In 2016
Trump’s Tax Revelation Destroys Successful Business Mogul Image
Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says
Bloomberg, Others Rack Up $20M To Register 32K Florida Felons Deeming Them “Time Served”
Some Wealthy Americans Are Already Prepping Their Finances For A Joe Biden Presidency — Here’s How
Kamala Harris Woos Black And Latino Voters As Joe Biden’s Running Mate
Biden Appeals To Florida Latinos As Polls Show Trump Gaining
Poll: Should Trump As A Civilian Face Class-Action Lawsuits For Minimizing Severity Of Covid19?
Trump As A Civilian To Face Avalanche Of Lawsuits!!!!
Trumponomics Forces Amazon Drivers To Hang Cellphones From Trees Desperate To Get Gigs
Trump Is Silent While Russian Navy Conducts Biggest Drills Near Alaska Since Soviet Era
Open Letter To Supporters of The Draft-Dodger-In-Chief!
Right-Wing Facebook MEGA-Troll Wall-Of-Shame
Donald Law And Order Trump Encourages People In North Carolina To Vote Twice, Which Is Illegal
Here’s Why No Bankers Go To Jail (#GotBitcoin?)
Cities With Republican Mayors Also Had Protests Which Resulted In Property Damage
Trumponomic’s Furloughs Turn Into Permanent Job Losses (#GotBitcoin?)
Trump White House Commits Multiple Hatch Act Violations In Re-Election Attempt
After Three Years of Attacking L.G.B.T.Q. Rights, Trump Suddenly Tries Outreach
Scrapping Payroll Tax Without Replacement Would Hit Social Security Benefits By 2021 (#GotBitcoin?)
Boomers And Millennials Facing The Effects Of Trumponomics While Still Recovering From Last Recession
Money Funds Waive Charges to Keep Yields From Falling Below Zero (#Bitcoin?)
Millions of US Jobs To Be Lost For Years, IRS Projections Show (#GotBitcoin?)
Kellyanne Conway To Leave White House As Trump Divisiveness Indeed Hits Close To Home
The US National Debt Has Exceeded The Total Value Of The GDP (#GotBitcoin?)
When The Stock Market And Economy Becomes Disconnected (#Bitcoin?)
Donald Trump, Peter Navarro (Trade Adviser) And A $765 Million Loan To Kodak That Deal Blew Up
Steve Bannon Joins Six Other Criminally Charged Ex-Trump Advisers
Trump Calls For Goodyear Boycott Amid Outrage Over ‘MAGA’ Ban
Trump’s Big Donors From 2016 Want Nothing To Do With Him This Year
State Budgets Hit Hard By Trumponomics Create A Drag On U.S. Recovery
Joe Biden-Kamala Harris Ticket Makes Debut After Historic VP Pick
Biden, Obama Release Campaign Video Applauding Their Achievements
Small Businesses Brace For Prolonged Crisis, Short On Cash And Customers (#GotBitcoin?)
Ultimate Resource For Violations of The U.S. Constitution Including “Money” And Coronavirus
Trump Campaign Forced To Use Tele-Rallies As Coronavirus Cases Surge
Roger Stone Uses Racial Slur In Live Radio Interview With Black Host
The Fed Is Setting The Stage For Hyper-Inflation Of The Dollar (#GotBitcoin?)
The Next Phase Of The Retail Apocalypse: Stores Reborn As E-Commerce Warehouses
Famous Economist Mohamed El-Erian Warns Investors To Stay Away From Zombie Companies And Zombie Markets
Republicans Alarmed By Democratic Senate Hopefuls’ Fundraising Haul
American Airlines Plans To Furlough Up To 25,000 Workers This Fall (#GotBitcoin?)
Consumer Appetite For Cars, Homes Bolsters U.S. Economy
Banks Get Ready For Wave of Recession-Led Loan Defaults (#GotBitcoin?)
32% of U.S. Households Missed Their July Housing Payments
What You Need To Know About The New Small-Business Bankruptcy Laws
Police Wrestle With Surge In Crime In U.S. Cities Amid Defunding Efforts
Here’s An Investment That Perfectly Tracks The Economy
Fed, Treasury Disagreements Slowed Start of Main Street Lending Program
When A Texas Oil Boom Goes Busts
Trump Takes Cognitive Test And Can Identify A Rhino vs A Camel
Don’t Know How Much Stimulus Is Needed? Put It On Autopilot, Some Say
Colorado Police Chief Fires Three Officers Over Reenacted Chokehold Placed On Elijah Mcclain
Republicans Give Trump Labor Day Deadline To Turn Things Around. After That, He’s On His Own
Chapter 11 Business Bankruptcies Rose 26% In First Half of 2020
Chaotic Trump Administration Plus Russian Bounty Intelligence Equals Loss Of American Lives
Supreme Court Orders Restructuring of Consumer-Finance Watchdog
Reddit, Acting Against Hate Speech, Bans ‘The_Donald’ Subreddit
Class Action Lawsuit Alleges Visa Subsidiary Violated Privacy And Data Protections Of Venmo, Stripe, Square’s Cash App, Robinhood & More
Private Equity’s Trillion-Dollar Piggy Bank Holds Little For Struggling Companies (#GotBitcoin?)
TikTok Teens Overload Trump’s Online Store With Orders Only To Abandon Shopping Cart
Bill Gates Says Trump’s Lack Of Leadership Is Making Pandemic Picture ‘More Bleak Than I Would Have Expected’
Fed Stress Test Finds U.S. Banks Not Healthy Enough To Withstand “Few Quarters” Economic Downturn
Elizabeth Warren Was Right About Whacky Stockmarket Fundamentals (#GotBitcoin?)
Two Of The Latest High-Profile Trump Resignations
US Banks Have Seen A Record $2 Trillion Surge Of Deposits Since The Coronavirus Crisis Began
Our Facebook Page
Your Questions And Comments Are Greatly Appreciated.
Monty H. & Carolyn A.