China official manufacturing PMI hits 7-month high in November1 December, 2012, 11:22. Posted by Zarathustra
China official manufacturing PMI hits a 7-month high in November.
Headline manufacturing PMI rose to 50.6, a 7-month high, but slightly lower than the consensus estimate of 50.8. New orders rose from 50.4 to 51.2, and finished goods inventory rose from 48.4 to 48.8, thus new orders less inventory measure rose slightly from 2.3 to 2.4. New export orders climbed above 50 to 50.2 for the first time since May.
Meanwhile, employment index fell to 48.7, lowest level since January this year, while input price fell from 54.3 to 50.1.
Source: NBS, Bloomberg, HSBC/Markit
Despite improvements, the headline number as well as new export orders remain weak relative to the same times of previous years, with the exception of 2008 and last year. Notable weakness in employment is also apparent.
Despite improvement in the headline numbers and most sub-indices, the "recovery" of the economy does not appear to be strong, especially considering that this time of the year is usually the stronger month for manufacturing.