China’s National Bureau of Statistics just released the country’s official manufacturing PMI report.
The headline number climbed to just 51.1 in September from 51.0 in August.
Economists were expecting a reading of 51.6.
Any number above 50 signals growth.
“[I]ndustrial production grew surprisingly strongly above trend both in July and August while manufacturing fixed asset investments improved as well,” noted Societe Generale’s Wei Yao ahead of the report. “These positive signs in the manufacturing sector are likely to persist in September, and would be reflected in the PMI survey.”
Here’s a breakdown of the report
|Sept. 2013||Aug. 2013|
|New Export Orders||50.7||50.2|
|Backlogs of Work||46.2||44.8|
|Inventories of Finished Goods||47.4||47.6|
|Inventories of Raw Materials||48.5||48.0|
|Supplier Delivery Times||50.8||50.4|
|Business Activity Expecation||58.4||59.4|
On Sunday, we learned that HSBC’s unofficial PMI climbed to just 50.2 in September from 50.1 in August. This was a bit lighter than the 51.2 expected.
“The September HSBC China Manufacturing PMI edged up slightly from August,” said HSBC’s Hongbin Qu. “New orders remained flat from the previous month, while external demand improved. Manufacturers restocking process continued but remained relatively slow. Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery.”