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China’s Jan manufacturing PMI at lowest level since Aug 2012

by ChemOrbis Editorial Team -
  • 01/02/2016 (17:37)
An official manufacturing purchasing managers’ index (PMI) released by the National Bureau of Statistics (NBS) showed that the country’s manufacturing contracted for a 6th consecutive month, falling at its fastest pace since August 2012 to decline to a reading of 49.4 in January from December’s 49.7. China’s official services PMI also fell to 53.5 in January from a reading of 54.4 in December. Any reading below 50 indicates a contraction while any reading above 50 represents an expansion.

January’s reading also fell below Reuters economists’ median forecast of 49.6 while plunging prices and overcapacity issues in key sectors such as steel and energy were cited as the reasons behind lower manufacturing output.

Meanwhile, another PMI gauge for China from Caixin China and Markit Economics rose to a reading of 48.4 in January from December’s 48.2. The January PMI exceeded economists’ estimates, which called for a reading of 48.
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