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1 Dec 2015
Caixin China Nov manufacturing PMI beats estimates
FXStreet (Mumbai) - The activity in the China’s manufacturing sector continues to improve in November, although remains in the contraction territory for the ninth straight month. The Caixin China Purchasing Manager's Index rose to 48.6 in November, up from 48.3 in October.
As noted by Caixin, “The higher PMI reading was partly driven by a stabilisation of output volumes in November. This contrasted with reduced production in each of the prior six months. However, lower volumes of overall new work placed at Chinese manufacturers continued to weigh on the PMI figure. The rate at which new orders declined was similar to that seen in October and moderate overall. Data indicated that weaker domestic demand had acted as a drag on new order books, as new export business expanded in November and at the quickest rate in 13 months. According to panellists, improved foreign client demand boosted new work from abroad.”
As noted by Caixin, “The higher PMI reading was partly driven by a stabilisation of output volumes in November. This contrasted with reduced production in each of the prior six months. However, lower volumes of overall new work placed at Chinese manufacturers continued to weigh on the PMI figure. The rate at which new orders declined was similar to that seen in October and moderate overall. Data indicated that weaker domestic demand had acted as a drag on new order books, as new export business expanded in November and at the quickest rate in 13 months. According to panellists, improved foreign client demand boosted new work from abroad.”