China PMI

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China: Downward trend in PMI continues in November

December 1, 2014

The Purchasing Managers’ Index (PMI) fell from 50.8% in October to 50.3% in November, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. November’s print represented the lowest reading in eight months and undershot the 50.5% that market analysts had expected. That said, the PMI remains above the 50%-threshold that separates expansion from contraction in the manufacturing sector, where it has idled since September 2012.

November’s reading reflected deteriorations in all-but one of the main subcategories. New orders and inventories experienced the largest declines, followed by manufacturing output. Conversely, the supplier delivery times category improved marginally in November. New exports orders fell to the lowest level since February of this year, while input prices—a reliable leading indicator for consumer prices—hit an eight-month low.


Author: Ricard Torné, Head of Economic Research

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China PMI November 2014

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


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