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PMI Monthly (November 2017)

PMI rises to 51.8 in November


China’s manufacturing PMI rebounded slightly to 51.8 in November, after falling from its recent peak of 52.4 in September to 51.6 in October. In our view, the growth of the manufacturing sector in China has shown signs of stabilization.

8 of the 13 sub-indices were higher than their respective levels in the previous month, while 4 sub-indices were lower than their respective levels in the previous month. The output index gained 0.9 pts in November, showing that output growth has quickened lately. Moreover, both the new orders and the new export orders indices rose by 0.7pts in November, indicating an improvement in domestic and export demand. In contrast, the input prices index dropped by 3.6 pts from the previous month to 59.8 in November, showing that the prices of production inputs have continued to rise, albeit at a slower pace, recently.

By size of enterprises, the PMI of ‘large enterprises’ came in at 52.9 in November, down slightly from 53.1 in October. The PMI of ‘medium enterprises’ rose to 50.5 in November from 49.8 in October, while the PMI of ‘small enterprises’ improved to 49.8 in November from 49.0 in October.

The output index was 54.3 in November, up from 53.4 in October. The output index of ‘large enterprises’ went up to 56.1 in November from 55.9 in October; the output index of ‘medium enterprises’ was 52.3 in November, up from 51.0 in October; the output index of ‘small enterprises’ rose to 50.6 in November from 48.2 in October.

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Content provided by Fung Business Intelligence
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