China HSBC/Markit Flash reading for manufacturing PMI for November
- expected 50.2
- prior was 50.4
Key points
- Six-month low (lowest since May)
- Flash China Manufacturing Output Index at 49.5 in November (50.7 in October). Seven-month low.
Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC (bolding is mine):
- The HSBC China Manufacturing PMI moderated to a six-month low of 50.0 in the flash reading for November, down from the October final reading of 50.4.
- New export order growth continued to ease and led to a below-50 reading for the output sub-index for the first time since May.
- Disinflationary pressures remain strong and the labour market showed further signs of weakening.
- Weak price pressures and low capacity utilization point to insufficient demand in the economy.
- Furthermore, we still see uncertainties in the months ahead from the property market and on the export front.
- We think growth still faces significant downward pressures, and more monetary and fiscal easing measures should be deployed.”
AUD slipping on the worse than expected data