China PMI


Manufacturing declines further in January

The Purchasing Managers Index (PMI) fell from 51.0 points in December to 50.5 points in January according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. As a result, January's print marked the lowest reading in six months, although it was in line with market expectations. The PMI is still resting just above the 50-point threshold that separates expansion from contraction in the manufacturing sector.

January's figure reflected a broad-based deterioration, with all but on of the sub-categories recording lower readings compared to the previous month. Both new orders and production output registered the largest drops. Exports orders recorded a six-month low, whereas input prices - a reliable leading indicator for consumer prices - dipped below the 50-point threshold.

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China PMI Chart

China PMI January 2014

Note: Purchasing Managers' Index. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate a contraction.
Source: National Bureau of Statistics of China (NBS) and the China Federation of Logistics and Purchasing (CFLP).

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