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China’s manufacturing hits five month low in Oct

by ChemOrbis Editorial Team -
  • 03/11/2014 (15:17)
China’s manufacturing posted a five month low in October, according to the official Purchasing Managers’ Index (PMI) compiled by the country’s National Bureau of Statistics. The PMI for Chinese manufacturing unexpectedly decreased to 50.8 in October after posting a reading of 51.1 in the previous month. Initial estimates called for a reading of 51.2, according to a survey by Reuters. Any reading above 50 indicates expansion.

Analysts blamed slowing demand which fell to its lowest level in approximately five months in October and rising borrowing costs for the unexpected decrease in the country’s manufacturing sector.

Meanwhile, a separate Manufacturing Purchasing Manager’s index from HSBC/Markit rose to a reading of 50.4 in October from 50.2 posted in September, a three-month high. The analysts cited increased orders at smaller factories as the main reason behind the increase. The official PMI focuses on larger state-owned businesses whereas the HSBC/Markit index focuses on smaller manufacturers in the private sector.

The outlook, however, was not positive as growth in new orders and new export orders fell to their lowest level since June, 2014. Sluggish demand still remains a concern in the country.
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