China PMI


PMI moderates but still in expansion mode

In January, the Purchasing Managers' Index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) dropped to 50.4 points from 50.6 points in December. The print came in below market expectations of 51.0 points. That said, the PMI remained above the 50-point threshold that separates expansion from contraction in the manufacturing sector for the fourth consecutive month.

The print mainly reflects a deterioration in manufacturing output as well as in employment. Conversely, the other three sub-categories that composed the index improved over the previous month. Meanwhile, export orders dipped to its lowest level in five months, while the input prices category - which is a reliable leading indicator for consumer prices - hit its highest level since August 2011.

In an attempt to improve the quality of its data, the NBS expanded the sample of the survey from 820 companies to 3,000.

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China PMI Chart

China PMI January 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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