CHINESE MANUFACTURING ACTIVITY HITS 13-MONTH HIGH
The November HSBC China manufacturing PMI report is in and it climbed to 50.5 from 49.5 in October.
This is above the flash, or preliminary, report which came in at 50.4.
Any reading above 50 signals expansion.
Here are the key points via Markit:
Output up for first time since July
Solid growth of new export orders
Purchasing activity continues to pick up
From HSBC Hongbin Qu
“The final November manufacturing PMI stood at a 13- month high of 50.5 on increasing new business and expanding production. This confirms that Chinese economy continues to recover gradually. We expect GDP growth to rebound modestly to around 8% in 4Q as the easing measures continue to filter through.”
Today's report confirms reaccelerating growth in the world's second largest economy.
On Friday, we learned that the official NBS manufacturing PMI report climbed to 50.6 in November from 50.2 in October.
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