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PMI falls as exports slow

New export orders and stocks of purchases fell, according to the PMI™ for November

Conditions in China’s manufacturing sector dropped to a two-month low in November, according to the HSBC Flash China Manufacturing Purchasing Managers’ Index™ (PMI™). The index fell to 50.4, from 50.9 in October.

Although output and new orders increased, new export orders and stocks of purchases both fell. Employment also decreased, in a change of direction. Input prices increased, albeit at a slower rate. Despite the drop, the figure was still the second-highest reading in seven months, remaining above the crucial 50 mark. An index figure above 50 signals expansion, while below 50 signals contraction.

China’s growth momentum softened a little in November

Qu Hongbin,
Chief Economist for Greater China, HSBC

Qu Hongbin, Chief Economist for Greater China and Co-Head of Asian Economic Research, HSBC, said: “China’s growth momentum softened a little in November, as the HSBC Flash China Manufacturing PMI™ moderated due to the weak new export orders and slowing pace of restocking activities.”

He added that the “muted inflationary pressures should enable Beijing to keep policy relatively accommodative to support growth”.

The Flash PMI™ is the earliest available indicator of operating conditions in China. It is published around a week before the final PMI™ data is released and is based on around 85 per cent to 90 per cent of total PMI™ survey responses.

The Flash China Manufacturing Output Index reached an eight-month high of 51.3, up from 51.1 in October.

The final PMI™ for November is due for release on 2 December.

The intellectual property rights to the HSBC Flash China Manufacturing PMI™ provided herein is owned by Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit’s prior consent. Markit shall not have any liability, duty or obligation for or relating to the content or information (“data”) contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon. In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers' Index™ and PMI™ are trade marks of Markit Economics Limited, HSBC use the above marks under license. Markit and the Markit logo are registered trade marks of Markit Group Limited.

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