left corner left corner
China Daily Website

HSBC PMI 2nd highest in 8 months

Updated: 2013-12-02 14:54
By Chen Jia ( chinadaily.com.cn)

The HSBC Purchasing Managers' Index stood at 50.8 in November, the second-highest reading in eight months, slightly down from 50.9 in October, the bank said on Monday.

It was higher than the earlier flash reading and market expectations.

A reading above 50 indicates expansion, below 50, contraction.

The continual expansion of the manufacturing sector was supported by a quicker expansion of new business, a report from HSBC said.

It showed that output and new orders increased at their fastest rate in eight months, and new export orders continued to expand.

Meanwhile, the employment sub-index weakened slightly.

Qu Hongbin, chief economist in China at HSBC said: "China's manufacturing sector kept relatively steady growth momentum in November, as the final manufacturing PMI was revised up from the flash reading on the back of faster new business gains."

However, the renewed contraction of employment and the slower pace of restocking activities called for a continuation of accommodative policy, he said. "The modest inflationary pressures leave room to do so."

On Sunday, the National Bureau of Statistics released the official figure of November's manufacturing PMI, 51.4, equaling the highest since March 2012 and unchanged from October.