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HSBC Flash PMI beats market expectations
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CHINA'S manufacturing sector may rebound somewhat in September due to better external demand, a survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of the country’s industrial sector, landed at 50.5 in September, up from a final reading of 50.2 in August, according to HSBC and research firm Markit.
A reading above 50 means expansion. Although the September figure pointed at marginal growth, it marked a two-month high, which market observers had not anticipated.
Chang Jian, an economist at Barclays, said the HSBC Flash PMI was higher than the expected reading of 49.6, but still urged cautious optimism.
Qu Hongbin, chief economist for China at HSBC, said the picture was mixed, with new orders and new export orders registering some improvement, but employment dropping and disinflationary pressure intensifying.
"Economic activity in the manufacturing sector showed signs of stabilization. But overall, the data still pointed to modest expansion," Qu said. "The property downturn remains the biggest downside risk to growth, and we continue to expect more monetary easing from the central bank in order to steady the recovery."
The components showed production was unchanged at 51.8, but employment conditions deteriorated, with the index falling to 46.9, the lowest since February 2009. Disinflationary pressures intensified, with both the input and output price indices decreasing at a faster pace.
"We expect the government to lower its 2015 growth target to 7 percent," Chang said.
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