China PMI


PMI remains stable in December

In December, the Purchasing Managers' Index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) remained unchanged at November's 50.6 points. The print came in slightly 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 third consecutive month.

The December print mainly reflected how a better performance in the employment category was offset by lower readings in three out of the five main sub-gauges. New orders - the largest sub-category - remained stable at 51.2 points. Meanwhile, export orders deteriorated slightly, while the input prices category - which is a reliable leading indicator for consumer prices - ticked up.

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China PMI Chart

China PMI December 2012

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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