Thursday, October 24, 2013
DJ: HSBC October Preliminary China Manufacturing PMI At 7-Month High
BEIJING--The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 50.9 in October, compared with a final reading of 50.2 in September, HSBC Holdings PLC said Thursday.
The preliminary PMI reading was at a seven-month high. A figure above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
"China's growth recovery is becoming consolidated into the fourth quarter following the bottoming out in the third quarter," HSBC economist Qu Hongbin said in a statement.
"This momentum is likely to continue in the coming months, creating favorable conditions for speeding up structural reforms."
The preliminary PMI figure, also called the HSBC Flash China PMI, is based on 85% to 90% of total responses to HSBC's PMI survey each month, and is issued about one week before the final PMI reading.