Monday, 3 September 2012

Manufacturing contracts in China and Europe

The message on China's manufacturing sector has become one of unambiguous weakness.

Over the weekend, the China Federation of Logistics and Purchasing and the National Bureau of Statistics reported that the government's manufacturing PMI fell to 49.2 in August from 50.1 in July. Today, HSBC reports that its manufacturing PMI fell to 47.6 in August, the lowest since March 2009, from 49.3 in July.

China's services sector did better in August. The National Bureau of Statistics reported today that its services PMI rose to 56.3 last month from 55.6 in July.

Meanwhile, manufacturing in the euro area improved in August but remained in contraction. Markit's manufacturing PMI for the region rose to 45.1 last month from July's three-year low of 44.0.

Similarly, in the UK, the Markit/CIPS manufacturing PMI jumped to a four-month high of 49.5 in August from 45.2 in July, which had been the lowest level since May 2009.

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