The HSBC China Manufacturing Purchasing Managers' Index, compiled by Markit, increased +1.0 to 50.5 in November, well above the 41-month low of 47.6 in August 2012. That was the lowest since March 2009. This is the first expansion (greater than 50.0) since October 2011 (51.0). There had been 12 consecutive month below 50, which indicates sector contraction, from November 2011 to October 2012. The China Manufacturing PMI has been just below 50 for 15 of the past 17 months.
China Manufacturing PMI by Month Manufacturing began contracting, an Index reading of less than 50, in July 2011. The chart peak was 55.3 in November 2010. The PMI is a percentage - not a total.
Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC, said: "The final November manufacturing PMI stood at a 13-month high of 50.5 on increasing new business and expanding production. This confirms that Chinese economy continues to recover gradually. We expect GDP growth to rebound modestly to around 8% in 4Q as the easing measures continue to filter through.”
China Manufacturing PMI Moving Averages The short, intermediate, and long-term trends have reversed and are now rising. The PMI is a percentage - not a total.
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