HSBC/Markit China manufacturing PMI points to 12 consecutive months of contraction1 November, 2012, 10:55. Posted by Zarathustra
While the official PMI signals a return to expansion, HSBC/Markit China manufacturing PMI continues to show contraction of the manufacturing sector.
Headline HSBC/Markit China manufacturing PMI increased from 47.9 to 49.5 (revised from 49.1 in the flash estimate), suggesting that manufacturing sector has been contracting for a full year, albeit now at a slower pace.
New orders increased from 47.3 to 51.2, while new export orders increased from 44.9 to 46.7, suggesting that external demand remains extremely weak. However, as finished goods inventory fell to 48.4, the new orders minus inventory improved to 2.8.
Source: HSBC/Markit, NBS