China's Manufacturing Sector Expands On Production
2019年9月2日 - 10:01AM
RTTF2
China's manufacturing sector recovered in August largely driven
by the fastest growth in production in five months, survey data
from IHS Markit showed Monday.
The Caixin factory Purchasing Managers' Index rose to 50.4 in
August from 49.9 in July. A score above 50 indicates expansion.
The official manufacturing PMI dropped to 49.5 in August from
49.7 in July. Meanwhile, the non-manufacturing PMI improved to 53.8
from 53.7, data released over the weekend showed.
Markit showed that production grew at the fastest pace in five
months but total new orders received was broadly stable. Improved
domestic demand helped to offset a further reduction in export
sales. Exports fell at the quickest pace since last November.
The improved production trend led firms to expand their
purchasing activity further, while stocks of finished goods rose
for the first time this year to date. Employment was broadly
unchanged in August, following a moderate reduction in July.
Reflecting reduced raw material prices, the rate of reduction in
input costs was the joint-quickest since January 2016, the survey
showed.
Lower cost burdens and efforts to stimulate sales led firms to
cut their output charges at a quicker pace in August, with the rate
of discounting the steepest since December 2015.
The degree of confidence among manufacturers weakened from July,
largely due to concerns over the ongoing China-US trade dispute and
signs of a slowing global economy.
China's economy showed signs of a short-term recovery, but
downward pressure remains a long-term problem. Amid unstable
Sino-American relations, China needs to step up countercyclical
policies, Zhengsheng Zhong, director of macroeconomic analysis at
CEBM Group said.
Julian Evans-Pritchard and Martin Lynge Rasmussen, economists at
Capital Economics, said the big picture is that the PMIs remain
consistent with a renewed slowdown in year-on-year economic
growth.
The fiscal support currently in the pipeline is unlikely to
fully offset headwinds and authorities will have little choice but
to roll out further policy easing measures in the coming months,
the economists noted.
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