China Manufacturing Conditions At 11-Month Low, Fine-Tuning Measures Needed: HSBC Jul 23rd 2013, 22:44
Chinese manufacturing conditions in July deteriorated to an 11-month low, according to a survey by HSBC released today.
HSBC's flash purchasing managers index came in at 47.7 in July versus 48.2 in June. A reading lower than 50 indicates a decline in activity. The overall index is based on five sub-indexes that include new orders, output, employment, supplier delivery times and the stock of items. Data is obtained from purchasing executives in more than 420 manufacturing companies.
The lower reading "suggests a continuous slowdown," owing to weaker new orders and faster destocking, HSBC chief economist Hongbin Qu said in a statement. The latest figure "reinforces the need to introduce additional fine-tuning measures to stabilize growth," he said.
Click here for a link to HSBC's statement today.
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