China’s manufacturing activity rose for the first time in six months in June, results of a survey by Markit Economics and HSBC Bank showed Tuesday.
The HSBC manufacturing purchasing managers’ index, or PMI, rose to 50.7 in June, slightly below the consensus estimate of 50.8, from 49.4 in May. This marked the first signs of improvement since December 2013.
New orders rose at its fastest rate in 15 months in June, partially due to the notable improvement in the health sector, and improved market conditions boosted sales. Output grew for the first time since January and the rate of growth was quickest since November 2013.
Backlogs of work increased for the first time in five months, leading to a rise in new work. Consequently, stocks of finished goods fell at its fastest pace since September 2011.
However, Staffing levels eased for the eighth straight month in June.
Purchasing activity increased in June. Meanwhile, input costs rose for the first time since December 2013.
Hongbin Qu,Chief Economist, China & Co-Head of Asian Economic Research at HSBC said, “The economy continues to show more signs of recovery, and this momentum will likely continue over the next few months, supported by stronger infrastructure investments. However there are still downside risks from a slowdown in the property market, which will continue to put pressure on growth in the second half of the year. We expect both fiscal and monetary policy to remain accommodative until the recovery is sustained.”
Published: 2014-07-01 03:42:00 UTC+00
China HSBC/Markit PMI Rises In June
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