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Flash PMI rises to 13-month high
By Ye Zhen |
November 22, 2012, Thursday
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Online Edition
Online Edition
HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activities, climbed to a 13-month high of 50.4 in November to, up from October's final reading of 49.5, HSBC Holdings PLC announced today.
It's the first time in 13 months the index climbed above the 50 mark that demarcates expansion from contraction. The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms.
A sub-index of output rose to 51.3, also the highest since 2011 October.
The figures reflect the easing pressure upon the destocking process and confirm that the economy has bottomed out and start to recover, said Qu Hongbin, HSBC's chief economist for China.
It's the first time in 13 months the index climbed above the 50 mark that demarcates expansion from contraction. The index is a gauge of manufacturing activity slanted more towards private and export-oriented firms.
A sub-index of output rose to 51.3, also the highest since 2011 October.
The figures reflect the easing pressure upon the destocking process and confirm that the economy has bottomed out and start to recover, said Qu Hongbin, HSBC's chief economist for China.
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