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HSBC China Flash PMI at 3-month high
By Ding Yining |
October 24, 2012, Wednesday
|
Online Edition
Online Edition
China's industrial sector is showing signs of recovery as a preliminary reading of the country's purchasing managers index rose to a three-month high in October, echoing earlier forecasts that recovery is strengthening.
HSBC Corp's China Flash PMI rose to 49.1 in October from 47.8 last month, though still in the range of contraction, the bank said in a statement this morning.
"October's flash PMI continues to recover for the second month due to gradual improvement in new orders and helped by filtering-through of earlier easing measures," said Qu Hongbin, chief economist for HSBC China.
The manufacturing sector has been in contraction for 12 months in a row. The official PMI reading for September was 47.9.
"External challenges and job market pressure call for continued policy easing in coming months to secure a firmer growth recovery," Qu said.
The HSBC data is based on a survey of more than 420 domestic companies and is slanted towards private and export-oriented manufacturers.
The official PMI figure for October will be released by the China Federation of Logistics and Purchasing on November 1.
HSBC Corp's China Flash PMI rose to 49.1 in October from 47.8 last month, though still in the range of contraction, the bank said in a statement this morning.
"October's flash PMI continues to recover for the second month due to gradual improvement in new orders and helped by filtering-through of earlier easing measures," said Qu Hongbin, chief economist for HSBC China.
The manufacturing sector has been in contraction for 12 months in a row. The official PMI reading for September was 47.9.
"External challenges and job market pressure call for continued policy easing in coming months to secure a firmer growth recovery," Qu said.
The HSBC data is based on a survey of more than 420 domestic companies and is slanted towards private and export-oriented manufacturers.
The official PMI figure for October will be released by the China Federation of Logistics and Purchasing on November 1.
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