Chinese manufacturing tonnage increases in December, beating expectations

0

BEIJING – Official Chinese manufacturing indicator beat market expectations as activity continued to grow at a faster pace in December amid improving market demand and falling commodity prices .

The official manufacturing purchasing managers index rose to 50.3 in December from 50.1 in November, China’s National Bureau of Statistics said on Friday.

The result exceeded the median forecast of 50.0 made by economists polled by the Wall Street Journal and remained above the 50 mark, which separates expansion in activity from contraction, for the second month. consecutive.

The statistics office said government measures introduced to stabilize prices and help businesses started to take off this month when prices for some raw materials fell, easing cost pressure for manufacturers.

The sub-index measuring total new orders rose to 49.7 from 49.4 in November, while the production sub-index fell to 51.4 in December from 52 in November. The sub-index measuring new export orders fell to 48.1 from 48.5 in November.

The official non-manufacturing PMI was also released on Friday, which includes service and construction activity in China. The non-manufacturing PMI index rose to 52.7, down from 52.3 in November.

The sub-index measuring service activity rose to 52 this month from 51.1 in November, as the airline, restaurant and entertainment sectors recovered from coronavirus shocks in November, said the statistics office.

The sub-index measuring activity in construction fell to 56.3 from 59.1 in November, as construction was affected by the cold and the holidays.


Source link

Share.

Comments are closed.