PMI fall signals contraction, economic focus shift may loom
[Xinhuanet.com]
Fresh PMI data confirmed slowdown in the world's second-largest economy, fueling speculation that Chinese policy makers may shift more focus to steering the economy through hard times.
Purchasing Managers' Index (PMI), a preliminary indicator of China's manufacturing activity, dropped to 49 percent in November from October's 50.4 percent, indicating contraction for the first time since its last under-50-percent reading in February 2009, the China Federation of Logistics and Purchasing (CFLP) said Thursday. A PMI reading of 50 percent demarcates expansion from contraction. The PMI has been around 50-51 percent since June of this year. […]
The CFLP's sub-index for export orders fell sharply to 45.6 percent in November from October's 48.6 percent, suggesting that the spreading Eurozone debt crisis and weakened demand from both the European Union and the United States were wearing down the growth in the world's second-largest economy. The contracting demand is squeezing profitability out of the manufacturing industry and dampening business confidence,"
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