The final September reading of China’s HSBC Manufacturing PMI climbed to 47.9 from 47.6 last month.This compares to the September HSBC Flash PMI, which came in at 47.8. Many expect the final number to be in line with the Flash number.
Any reading below 50 signals contraction in the industry. And this is the eleventh straight sub-50 reading.
Here are the key points from Markit:
- New export orders fall at fastest rate in 42 months
- Output and input prices continue to fall
- Purchasing activity declines amid weak demand and lower production requirements
From HSBC economist Hongbin Qu:
“Chinese manufacturing growth is likely to be bottoming out. However, the sharper contraction of new export orders and the lingering pressures on job markets mean that Beijing should step up easing to support growth and employment. Fiscal measures should play a more important role in the coming months.”
Last month, the metric fell to 47.6, the lowest level since March 2009.
China is the second largest economy in the world.
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