China PMI


Manufacturing steady in November

In November, the Purchasing Managers Index (PMI) remained at the previous month's 51.4 points, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. As a result, the PMI remains at the highest level since April 2012. The print overshot market expectations of a deterioration to 50.8 points. The index remains above the 50-point threshold that separates expansion from contraction in the manufacturing sector.

November's figure mainly reflected an increase in both employment and production output, which was offset by lower readings in the rest of the PMI's sub-categories. Meanwhile, exports orders improved slightly, after deteriorating in October. Input prices - a reliable leading indicator for consumer prices - declined to the lowest level in four months.

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China PMI Chart

China PMI November 2013

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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