China's Oct factory activity slump marks worst stretch in nearly 10 years

China’s factory activity slump worsened in October, reaching its longest decline in more than nine years as a deepening economic slowdown sets in during the final quarter.

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The official manufacturing purchasing managers’ index (PMI) was 49, versus 49.8 in September, the National Bureau of Statistics (NBS) said on Oct 31 The median estimate of economists surveyed by Bloomberg was 49.6.

The non-manufacturing measure of activity in construction and services inched up to 50.1, after slipping in September to reach the 50 mark that separates contraction from growth. Seasonal factors were likely at play, since national holidays in October 2025 were longer than in 2024.

The slowdown in factory activities was partially the result of the eight-day public holiday and “increased complexity in the global environment”, Ms Huo Lihui, a statistician at the NBS, said in a statement accompanying the release.