China's manufacturing PMI edges up in November

Darnell Taylor
December 3, 2019

PMI data also showed a lack of inflationary pressures in November.

According to National Bureau of Statistics (NBS), the Purchasing Manager's Index (PMI) for China's manufacturing sector increased to 50.2, up 0.9 from Oct, higher than the threshold 50, indicating that China's manufacturing sector has started to expand. It's the first time in seven months the number has exceeded the 50-point mark.

"After pulling back noticeably in October, manufacturing sector growth displayed a welcoming acceleration in November", Pollyanna de Lima, Principal Economist at IHS Markit, said.

"Downturns in output and new orders continued amid a renewed contraction in exports".

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India's manufacturing activity picked up in November as new orders and output rose at a faster pace, a survey showed on Monday, although factories were less optimistic about the future, shedding jobs for the first time since March previous year. New business rose strongly, which underpinned a further solid increase in production.

"Export orders dropped at the fastest rate since mid-year amid reports of demand weakness at key trade destinations, namely China". Employment decreased for the eighth straight month, with the steepest pace of job losses since September 2012. "This is a major constraint on economic recovery, which requires continuous policy support", said Zhong Zhengsheng, director of macroeconomic analysis with consultancy CEBM Group, a subsidiary of Caixin Insight Group.

But, investors around the world have been eagerly awaiting the signing of a trade agreement since Trump said in October that the USA had come to a "very substantial phase one deal" with China.

The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises.

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