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HSBC PMI dips for eighth straight month
By Wang Yanlin |
July 2, 2012, Monday
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Online Edition
Online Edition
CHINA'S private and export-oriented manufacturers reported a decrease in activity for an eighth consecutive month in June, an HSBC survey showed this morning.
In contrast, big state-owned enterprises saw their business expand although it grew at the slowest pace in seven months.
The HSBC Purchasing Managers Index, a composite indicator of operating conditions in China's industrial sector which is slanted towards private and export-oriented companies, inched lower to 48.2 last month from May's 48.4.
A reading under 50 means contraction while the opposite points to expansion.
For the second quarter as a whole, the index averaged its lowest quarterly value in more than three years.
Qu Hongbin, chief economist for China at HSBC, said it is all about growth and employment.
"As external demand has weakened and domestic demand has not shown a meaningful improvement in response to earlier easing measures, growth is likely to further slow, which weighs on the job market," Qu said.
"But as inflation eases sharply, China has plenty of room and policy ammunition to avoid a hard landing," he added.
Qu said he expected more monetary policy easing measures to be announced in the coming months.
But the official PMI data, compiled by the China Federation of Logistics and Purchasing and weighted towards big state-owned enterprises, showed businesses continued to expand.
The official PMI fell to 50.2 in June from May's 50.4, the federation said on Sunday.
In contrast, big state-owned enterprises saw their business expand although it grew at the slowest pace in seven months.
The HSBC Purchasing Managers Index, a composite indicator of operating conditions in China's industrial sector which is slanted towards private and export-oriented companies, inched lower to 48.2 last month from May's 48.4.
A reading under 50 means contraction while the opposite points to expansion.
For the second quarter as a whole, the index averaged its lowest quarterly value in more than three years.
Qu Hongbin, chief economist for China at HSBC, said it is all about growth and employment.
"As external demand has weakened and domestic demand has not shown a meaningful improvement in response to earlier easing measures, growth is likely to further slow, which weighs on the job market," Qu said.
"But as inflation eases sharply, China has plenty of room and policy ammunition to avoid a hard landing," he added.
Qu said he expected more monetary policy easing measures to be announced in the coming months.
But the official PMI data, compiled by the China Federation of Logistics and Purchasing and weighted towards big state-owned enterprises, showed businesses continued to expand.
The official PMI fell to 50.2 in June from May's 50.4, the federation said on Sunday.
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