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UPDATE: In one of the last big datapoints of the year, Chinese HSBC PMI rose to 51.5. from 50.5.You can download the report here.
After adjusting for seasonal factors, the HSBC Purchasing Managers’ Index™ (PMI™) – a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy – posted 51.5 in December, up from 50.5 in November, signalling a modest improvement of operating conditions in the Chinese manufacturing sector. Moreover, it was the highest index reading since May 2011.
Output at manufacturing plants in China expanded in December, and for the second month in a row. Although the rate of expansion was modest, it was the fastest in 21 months. Total new orders also increased but at a faster pace than in November, the quickest since January 2011. Exactly 15% of panellists noted increased order volumes, a number of which attributed growth to increased client demand. Meanwhile, new export orders fell slightly following a modest increase in November. Just over 12% of firms reported lower new export orders in the latest survey period. Fewer export sales were linked to weak demand in Europe, Japan and the US.
Backlogs of work were broadly unchanged in December, with the index signalling a fractional reduction in work-in-hand. A majority of survey respondents (nearly 85%) reported no change in the level of outstanding business. Employment levels also remained broadly similar in December, with nearly 92% of panellists noting no change to workforce numbers.
Here’s a nice quick summary:
EARLIER: This is the last big datapoint of 2012: HSBC Chinese PMI.
The number, which gauges manufacturing, comes out at 8:45 AM ET.
Last month was 50.5.
We’ll have the number here LIVE.