China’s PMI rises to 55.2% in November, sign of booming economy

01 December 2010 05:46  [Source: ICIS news]

SHANGHAI (ICIS)--China’s November purchasing managers’ index (PMI) for the manufacturing sector rose by 0.5% to 55.2%, according to data from the China Federation of Logistics & Purchasing (CFLP) on Wednesday.

November’s performance marks the 21st consecutive month that the PMI has stayed at over 50%.

The production sub-index increased 1.4% to 58.5% while the new orders sub-index climbed 0.1% to 58.3%, according to the CFLP data.

“The new orders index was the second straight month that [it was] above 58%, which is a high-level point, showing that the demand in [the] manufacturing sector [is] still strong,” said an official from CFLP.

The export sub-index was 53.2% in November, an increase of 0.6% from October, while the import sub-index reached 50.6%, a drop of 2.2% from last month, the data showed.

China’s export market needs more time to stabilise because of fluctuating international economies, according to the CFLP official

The import sub-index was expected to be stable or even softer in next two or three months because of fluctuating international prices, the official added.

The PMI serves as a barometer for the monthly performance of China’s factories and is based on surveys from purchasing and supply managers at more than 700 manufacturers across the country.

A reading of above 50% suggests economic expansion, while a reading below 50% indicates contraction.

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By: Dolly Wu
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