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Official PMI slips in January, first in 6 months
By Wang Yanlin |
February 1, 2013, Friday
|
Online Edition
Online Edition
MANUFACTURING activity at China's state-owned enterprises eased for the first time in six months, missing market expectations and indicating the country's economic recovery is still fragile.
The official Purchasing Managers' Index, a gauge of operating conditions in state-owned manufacturers, dropped 0.2 points from a month earlier to 50.4 in January, the China Federation of Logistics and Purchasing said this morning.
A reading above 50 means expansion.
Meanwhile, the HSBC Purchasing Managers' Index, which is weighted toward private and export-oriented companies, rose to 52.3 from 51.5 in December.
New orders grew four months in a row at the fastest pace in two years, the HSBC said.
"A higher reading of January's final PMI implies that China's manufacturing activity is gathering steam on the back of improving domestic conditions," said Qu Hongbin, chief economist for China at HSBC Holding Plc.
The official PMI and the one produced by HSBC have been divergent several times due to different samples and measurement.
The official Purchasing Managers' Index, a gauge of operating conditions in state-owned manufacturers, dropped 0.2 points from a month earlier to 50.4 in January, the China Federation of Logistics and Purchasing said this morning.
A reading above 50 means expansion.
Meanwhile, the HSBC Purchasing Managers' Index, which is weighted toward private and export-oriented companies, rose to 52.3 from 51.5 in December.
New orders grew four months in a row at the fastest pace in two years, the HSBC said.
"A higher reading of January's final PMI implies that China's manufacturing activity is gathering steam on the back of improving domestic conditions," said Qu Hongbin, chief economist for China at HSBC Holding Plc.
The official PMI and the one produced by HSBC have been divergent several times due to different samples and measurement.
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