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PMI: China slowdown

03/07/2013 07:32 (294 Day 08:54 minutes ago)

The FINANCIAL -- Chinese manufacturing slowed in June as export orders continued to weaken, according to the HSBC China Purchasing Managers’ Index™. The headline figure dropped to 48.2, down from 49.2 in May. The HSBC Flash China PMI™ for June was 48.3.

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Operating conditions deteriorated at the quickest pace since last September. Total new orders declined for the second month in a row. New export orders fell, with the rate of contraction the joint fastest since March 2009. A number of companies suggested that the drop in new export orders was because of lower demand from Europe and the US, according to HSBC Group.


“Falling orders and rising inventories added pressure to Chinese manufacturers in June.” He added: “As Beijing refrains from using stimulus, the ongoing growth slowdown is likely to continue in the coming months,” said Qu Hongbin, Chief Economist for Greater China and Co-Head of Asian Economic Research, HSBC .

 

Staff numbers fell for the third month in a row and the rate of job losses was the fastest since August 2012, according to HSBC Group. Manufacturing output fell for the first time in eight months, though the rate of contraction was modest. Inflationary pressures continued to ease with the cost of raw materials falling for the fourth successive month, and a number of companies passing on these savings to customers.

 

 

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