Manufacturing PMI up but still weak
Print Edition
CHINA’S manufacturing activity in private and export-oriented firms improved slightly in April but was still weaker than expected as shown by the HSBC Purchasing Managers’ Index yesterday.
The index stood at 48.1 last month, better than 48 in March but lower than its flash reading of 48.3, according to HSBC Holdings Plc and research company Markit.
A reading below 50 means contraction, and the latest data reflected the fourth successive monthly deterioration in the sector.
Qu Hongbin, chief economist for China at HSBC, said domestic demand fell at a slower pace, but it remained sluggish while both new export orders and employment contracted.
“The manufacturing sector, and the broader economy as a whole, continues to lose momentum,” Qu said. “We think bolder actions will be required to ensure the economy regains its growth.”
The production and total new work at Chinese manufacturers fell at slower rates in April than March’s, while fewer new orders forced firms to cut staffing levels modestly.
The official PMI, unveiled last Thursday, rose to 50.4 in April from March’s 50.3, according to the China Federation of Logistics and Purchasing. The official PMI is weighted toward state-owned manufacturers.
Zhu Haibin, chief economist at JPMorgan, said China’s economy has been stabilizing in the near term although the pace of recovery going into the second quarter will likely be rather modest.
Over the past month, the State Council, China’s Cabinet, has unveiled measures, including lower reserve requirements for rural banks and speeding up railway construction, to support growth and jobs after first-quarter economic growth eased to 7.4 percent, the slowest in 18 months.
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