China: Manufacturing PMI rises in January
The National Bureau of Statistics’ Manufacturing Purchasing Manager’s Index (PMI) came in at 50.1 in January, up from December’s 47.0. January’s result marked the strongest reading since September. As such, the index rose above the 50.0 no-change threshold, signaling an improvement in manufacturing sector operating conditions compared to the previous month. The rebound was driven by a faster expansion in new orders, and softer declines in output and employment.
Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI stood at 54.4 in January, improving from December’s 41.6, chiefly due to stronger growth in new orders. The economy’s performance improved as a consequence of the reopening from its Zero-Covid-19 policy.
The National Bureau of Statistics’ Manufacturing Purchasing Manager’s Index (PMI) came in at 50.1 in January, up from December’s 47.0. January’s result marked the strongest reading since September. As such, the index rose above the 50.0 no-change threshold, signaling an improvement in manufacturing sector operating conditions compared to the previous month. The rebound was driven by rebounds in new orders and purchasing activity, and softer declines in output, exports and employment.
Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI stood at 54.4 in January, improving from December’s 41.6 and far above market expectations. The improvement was chiefly due to a surge in new orders. The economy’s performance improved as a consequence of the lifting of Covid-19 restrictions and falling infection rates.
On the outlook, Nomura analysts said:
“Looking to February, we expect both the manufacturing and non-manufacturing PMIs to rise further, as more people adapt to living with Covid, manufacturing activity resumes following the LNY holiday, and recovery momentum gathers pace. We see a larger upside risk to our Q1 GDP growth forecast.”
The National Bureau of Statistics’ Manufacturing Purchasing Manager’s Index (PMI) came in at 50.1 in January, up from December’s 47.0. January’s result marked the strongest reading since September. As such, the index rose above the 50.0 no-change threshold, signaling an improvement in manufacturing sector operating conditions compared to the previous month. The rebound was driven by rebounds in new orders and purchasing activity, and softer declines in output, exports and employment.
Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI stood at 54.4 in January, improving from December’s 41.6 and far above market expectations. The improvement was chiefly due to a surge in new orders. The economy’s performance improved as a consequence of the lifting of Covid-19 restrictions and falling infection rates.
On the outlook, Nomura analysts said:
“Looking to February, we expect both the manufacturing and non-manufacturing PMIs to rise further, as more people adapt to living with Covid, manufacturing activity resumes following the LNY holiday, and recovery momentum gathers pace. We see a larger upside risk to our Q1 GDP growth forecast.”