HSBC flash PMI for China hits nine-month low at 47.8 in August

23 August 2012 05:25  [Source: ICIS news]

SINGAPORE (ICIS)--HSBC’s August flash purchasing managers’ index (PMI) for China fell to a nine-month low of 47.8, indicating another month of contraction in manufacturing output, the UK banking group said on Thursday.

The flash PMI number for August was 1.7 points lower than July’s 49.5, HSBC said.

A figure above 50 indicates an expansion, while a figure below 50 represents a contraction.

In HSBC’s data, China PMI has been registering readings below 50 for 10 straight months.

“Chinese producers are still struggling with strong global headwinds,” HSBC chief China economist Hongbin Qu said.

“To achieve the stated policy goal of stabilizing growth and the jobs market, Beijing must step up policy easing to lift infrastructure investment in the coming months,” Qu said.

By: Nurluqman Suratman

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