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Manufacturing activity drops for first time in 7 months
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MANUFACTURING activity in China's private and export-oriented companies contracted for the first time in seven months, a survey showed today.
The HSBC Purchasing Managers' Index, an indicator of operating conditions in the industrial sector, landed at 49.6 in December, down from 50 in November but better than the flash reading of 49.5, according to HSBC and research firm Markit.
A reading below 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said despite a better-than-expected reading, the index suggested weaker domestic demand.
"The data confirmed a further weakening in the manufacturing sector toward the end of 2014," Qu said. "The soft economic activity and stronger disinflationary pressures warrant further monetary easing in the coming months."
The component indices showed new orders declined for the first time since April. The decline was largely driven by subdued domestic demand as new export orders rose for the eighth straight month and at a slightly quicker pace than in November.
As a result of lower overall new business, manufacturers cut production for the second successive month in December and employment also declined, extending the current sequence of job shedding to 14 months.
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