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China’s manufacturing PMI remains in contraction in Dec

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/01/2016 (11:56)
According to data from Caixin China and Markit Economics, a purchasing managers’ index (PMI) for China hit the lowest level seen since September, declining to a reading of 48.2 from a reading of 48.6 in November. The December PMI also fell below Reuters economists’ estimates, which called for an increase to a reading of 49. Any reading below 50 indicates a contraction while any reading above 50 represents an expansion.

Caixin’s data also showed that the output sub-index dropped to a reading of 48.7 in December, posting its lowest level in three months after increasing for the first time in seven months in November. An employment index fell to a reading of 47.3 in December while new exports also started 2016 on a softening note following two months of expansion. The country’s total new orders shrank for a sixth consecutive month in December.

Meanwhile, an official manufacturing PMI released by the National Bureau of Statistics (NBS) showed that the country’s manufacturing index increased to a reading of 49.7 in December, which still showed a fifth month of contraction in line with Reuters economists’ expectations. The official data focuses mostly on larger firms.

Some analysts commented that the Chinese government may need to roll out more stimulus measures to avoid further slowing in the economy stemming from weak domestic and external demand and a persistently stagnant property market.
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