The rest of the developed world is verging on recession or something approaching it. Yet aA Chinese manufacturing index advanced for a second month in September, as a measure of new export orders rebounded to the highest level since May, according to BusinessWeek.
The Purchasing Managers’ Index was at 51.2, compared with 50.9 in August, the China Federation of Logistics and Purchasing said in a statement yesterday. The median estimate in a Bloomberg News survey of 13 economists was for a reading of 51.1. A level above 50 indicates expansion.
September’s manufacturing reading, the highest in four months, suggests the world’s second-largest economy is weathering Premier Wen Jiabao’s campaign against inflation that has included higher interest rates, lending curbs and home- purchase limits. Room for further tightening may be limited by a heightened risk of recession in the U.S. and euro-area economies and the impact of that on Chinese exports.
The manufacturing index compiled by the logistics federation and National Bureau of Statistics is based on a survey of purchasing managers in more than 820 companies in 20 industries. It hasn’t fallen below 50 since February 2009. In contrast, a separate manufacturing index released Sept. 30 by HSBC Holdings Plc and Markit Economics indicated a third straight month of contraction. The reading of 49.9 was unchanged from August and higher than the preliminary figure of 49.4...
Find out more at http://www.businessweek.com/news/2011-10-01/china-s-manufacturing-index-rises-to-four-month-high-on-exports.html
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